Q1 2024 SPAR Group Inc Earnings Call Transcript
Key Points
- Consolidated revenue increased by 6.7% compared to the same period last year.
- Net income attributable to SPAR Group Inc for the quarter was $6.6 million, a significant increase from $0.04 per share last year to $0.28 per share this year.
- Successful sale of the South Africa business added a financial benefit of $7.2 million.
- Strong performance in the US and Canada markets, with revenue growth of 17% and 79% respectively.
- Acquisition of the balance of Resource Plus US joint venture, enhancing full value capture for US operations.
- Gross margin declined due to a mix shift to the remodeling business which has higher costs and lower margins.
- South African business experienced a significant drop in gross margin by 910 basis points and a decline in revenue year-over-year.
- EMEA and APAC segments reported revenue declines of 14.7% and 5.5% respectively.
- The company is still facing challenges in international markets, impacting overall profitability.
- Despite overall revenue growth, the company reported a decrease in adjusted EBITDA from $4.2 million in the previous year to $3.4 million.
Good morning and welcome to the SPAR Group first-quarter 2024 results. (Operator Instructions)
Please note this event is being recorded. I would now like to turn the conference over to Sandy Martin, three-part advisors. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate you joining us for SPAR Group Inc's conference call to review the first quarter 2024 results. Joining me on the call today are SPAR's Chief Executive Officer, Mike Matacunas, and the Company's Chief Financial Officer, Antonio Calisto Pato.
This call is also being webcast and can be accessed via link on the Events and Presentations page of the Investor Relations section at investors.sparinc.com. The information recorded on this call speaks only as of today, so please be advised that any time-sensitive information may no longer be accurate as of the date of any replay or transcript reading.
I would also like to remind you that the statements made in today's discussion that are not
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