Q2 2024 AirBoss of America Corp Earnings Call Transcript
Key Points
- AirBoss of America Corp (ABSSF) focused on operational execution and aggressive deleveraging activities despite economic slowdown.
- The company announced Bandolier awards, which have begun shipping in Q3, and increased momentum in CBRN defense product lines.
- AirBoss Rubber Solutions improved gross margin percentage year-over-year through higher-end niche products and operational cost improvements.
- Onboarding of new customers helped offset downturn in legacy volumes and is expected to drive additional growth as the economy recovers.
- The company is committed to long-term strategic imperatives, including newly launched automation initiatives and diversification of product lines.
- Consolidated net sales for Q2 2024 were $95.4 million, a decrease of 16.4% from the prior year.
- Gross profit for Q2 2024 decreased by $9.1 million to $8.5 million compared with Q2 2023.
- Manufactured products experienced continued softness in Q2 2024, particularly in the defense business and rubber molded products.
- The company faced a $6 million inventory write-down related to nitrile gloves and medical gowns.
- Net debt balance increased to $92.6 million by the end of Q2 2024, up from $88.2 million at the end of Q4 2023.
Welcome to the AirBoss of America second quarter 2024 conference call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions).
I would now like to turn the conference over to Gren Schoch, Chairman and Co-CEO. Please go ahead.
Thank you, operator. Good morning, everybody, and thank you for joining us for the AirBoss second quarter results conference call. My name is Gren Schoch, I'm the Chairman and Co-CEO of AirBoss. With me today are Chris Bitsakakis, our President and Co-CEO; Frank Ientile, our CFO; and Chris Figel, our EVP and General Counsel.
Our agenda today will start with a review of the operational highlights for the quarter, followed by a discussion of our financial results, before we open the conference line for questions.
Before we begin, I would like to remind listeners that our remarks today contain forward looking statements, including our estimates of future developments. We invite listeners to
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