Superior Group Of Companies Inc (SGC) Reports Q3 2023 Results: Net Sales Down 1. ...
Superior Group Of Companies Inc (NASDAQ:SGC) reported Q3 2023 net sales of $136.1 million, a decrease of 1.9% compared to Q3 2022.
The company posted a net income of $3.1 million, compared to a net loss of $12.7 million in the same period last year.
SGC's Board of Directors approved a quarterly dividend of $0.14 per share.
The company updated its full-year 2023 outlook, forecasting a sales range of $538 million to $545 million and an earnings per share range of $0.46 to $0.53.
On November 6, 2023, Superior Group Of Companies Inc (NASDAQ:SGC) released its third quarter 2023 earnings report. The company reported net sales of $136.1 million, a decrease of 1.9% compared to the third quarter of 2022. Despite the decrease in sales, SGC reported a net income of $3.1 million, a significant improvement from the net loss of $12.7 million in the same period last year.
Financial Highlights
SGC's pretax income for Q3 2023 was $3.3 million, compared to a pretax loss of $17.0 million in Q3 2022. The company's net income was $3.1 million or $0.19 per diluted share, compared to a net loss of $12.7 million, or $0.80 per diluted share for Q3 2022.
SGC's CEO, Michael Benstock, commented on the results, stating,
We delivered stronger sequential results that are consistent with our back-end weighted full-year outlook, while again producing positive free cash flow, further reducing debt, and strategically investing to capitalize on future demand."
Dividend Announcement and Full-Year Outlook
The company's Board of Directors declared a quarterly dividend of $0.14 per share, payable on December 6, 2023, to shareholders of record as of November 22, 2023. For full-year 2023, SGC updated its sales forecast to a range of $538 million to $545 million, down from its earlier forecast of $550 million to $560 million. The company also adjusted its earnings per share forecast to a range of $0.46 to $0.53, compared to its earlier forecast of $0.45 to $0.55.
Financial Statements Summary
The company's condensed consolidated statements of operations for the three months ended September 30, 2023, showed net sales of $136.1 million, costs and expenses totaling $132.9 million, and a net income of $3.1 million. For the nine months ended September 30, 2023, SGC reported net sales of $396.1 million, costs and expenses of $390.5 million, and a net income of $5.2 million.
SGC's condensed consolidated balance sheets showed the company's financial position as of the end of the third quarter of 2023.
Investors and other interested parties can access the company's full earnings report and join the earnings call through the investor relations section of the company's website.
Explore the complete 8-K earnings release (here) from Superior Group Of Companies Inc for further details.
This article first appeared on GuruFocus.
