Q3 2024 Savaria Corp Earnings Call Transcript
Key Points
- Savaria Corp (SISXF) achieved a record EBITDA margin of 19.5% in Q3 2024, showing continued improvement and stability in their transformation efforts.
- North American operations saw an 8% revenue growth in Q3, with a year-to-date growth of 11.3%, driven by strong demand in the residential sector.
- The company successfully reduced its net debt-to-EBITDA ratio to 1.69, down from 2.07 at the end of the previous year, indicating improved financial health.
- Savaria Corp (SISXF) has a strong innovation pipeline, including new product launches like the M-Series clinical ceiling lift, which is expected to drive future growth.
- The company has increased its available funds to $247 million, positioning it well for potential strategic acquisitions to further enhance growth.
- European operations experienced a 6.6% revenue decline in Q3, highlighting challenges in that market despite improvements in EBITDA margins.
- The patient care segment showed flat revenue growth, with delays in project execution impacting performance, although a stronger Q4 is anticipated.
- Savaria Corp (SISXF) faced a decrease in overall revenue growth, with only a 1.7% increase compared to the previous year, partly due to divestitures.
- The company incurred $5.4 million in strategic initiative expenses in Q3, which, while expected, impacted net earnings.
- Savaria Corp (SISXF) is not providing specific guidance for fiscal 2024, creating uncertainty about short-term financial performance.
Good morning. My name is Brittany Morgan and I will be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation's quarter third 2024 conference call. (Operator Instructions)
This call may contain forward-looking statements which are subject to the disclosure statement contained in Savaria's most recent press release issued on November 6, 2024 with respect to its quarter three 2024 results. Thank you. Mr. Bourassa, you may begin your conference.
Thank you, Brittany, and good morning, everyone. So today, I will start with a small recap of our Q3 results, then I will hand it to Steve for a financial update, and JP will then update us with Savaria One, and we will follow with a small Q&A session. First, I need to say that I'm very proud of our Q3 results as it showed that the transformation is stable with a third good quarter in a row, and it continued to have marginal improvement towards our objective of $1 billion of sales and
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