EVI Industries, Inc. (NYSE: EVI) shares stood pat Friday on results for the three- and six-month periods ended December 31, 2023,
EVI’s strong performance in the three- and six-month periods ended December 31, 2023 comes against the backdrop of record-breaking performance in the comparable periods of the prior fiscal year.
The company amassed record operating cash flows of $11 million for the six-month period, a $16 million increase over prior year. It sustained a strong balance sheet with $26.6 million of net debt as of December 31, 2023. Revenue increased 11% to a second quarter record of $91.4 million
Gross profit increased 6% to a second quarter record of $26.4 million. Gross margin was 29% compared to 30%
Operating income was $3.0 million compared to $3.6 million
Net income was $1.3 million, or 1.5% of revenue, compared to $2.2 million.
During the fiscal year ended June 30, 2023, the Company invested much of its cash flow into working capital, primarily in inventory required to support short-term customer equipment and parts needs, and to fulfill confirmed customer sales order contracts. During the second quarter of fiscal 2024, the Company continued to monetize a portion of its inventory investment resulting in $11 million of operating cash flows for the six months ended December 31, 2023, reflecting a $16 million increase in operating cash flows as compared to the same period of the prior fiscal year.
EVI shares barely budged Friday from its Thursday closing to $21.18.