Thx
EPS of $0.18 missed estimates of $0.20 and sales of $210.09M slightly missed estimates of $210.95M. Sales grew by 4.3%, driven by organic growth of 4.1% and a positive foreign exchange impact. Gross profit margins increased from 31.8% in the prior year to 34.5%. Its Adjusted EBITDA climbed 8.3% over the prior year, representing an increase in margins of 60 bps. In the quarter, SIS issued shares to pay down some long-term debt, and its net debt/Adjusted EBITDA is now at 2.28X, an improvement from 3.07 at the end of 2022. SIS expects sales to grow by 8% to 10% in FY2023 and an Adjusted EBITDA margin of 16%. Overall, these were strong results and so far the market is pleased with these numbers.