Financial Performance - Q3 2024 net sales reached $103.5 million, a 25.0% increase year-over-year[1] - Q3 2024 net income was $8.7 million, up $5.8 million from $2.9 million in the prior year[1] - Adjusted EBITDA for Q3 2024 was $38.1 million, reflecting a 31.8% increase compared to the previous year[1] - Year-to-date net sales for the first nine months of 2024 were $292.4 million, a 26.5% increase over the same period last year[2] - Net income for the three months ended September 30, 2024, was $8,656, compared to a net income of $2,854 for the same period in 2023, marking a 203.5% increase[15] - Operating income for the nine months ended September 30, 2024, was $66,393, a 28.2% increase from $51,785 in the same period last year[15] - Adjusted EBITDA for the nine months ended September 30, 2024, was $106,158,000, up from $83,491,000 in the same period of 2023, reflecting a 27.1% increase[19] - The adjusted EBITDA margin improved to 36.8% for the three months ended September 30, 2024, compared to 34.9% for the same period in 2023[19] Sales Guidance - Full year 2024 net sales guidance revised to between $390 million and $394 million, up from $374 million to $378 million[3] - Full year 2024 adjusted EBITDA guidance increased to between $141 million and $143 million, up from $134 million to $136 million[3] - Full year 2025 net sales expected to be between $470 million and $480 million[4] - Full year 2025 adjusted EBITDA projected to be between $176 million and $180 million[4] Assets and Liabilities - Total assets increased to $1,472,047, up from $1,050,445, representing a 40.1% growth[11] - Total current liabilities rose to $58,684, up from $51,480, indicating a 14.3% increase[12] - Long-term debt increased to $596,074 from $528,582, representing a 12.8% rise[12] - Total equity increased to $769,814 from $418,141, reflecting a 84.0% growth[13] Cash Flow - Cash and cash equivalents increased to $55,179 from $21,489, reflecting a 156.5% rise[17] - Net cash provided by operating activities was $34,243, a significant increase from $800 in the same period last year[17] Sales Performance - Net sales for the three months ended September 30, 2024, were $103,519, an increase of 25% compared to $82,807 for the same period in 2023[15] - Total commercial sales for the nine months ended September 30, 2024, were $210,226,000, an increase from $159,410,000 in the same period of 2023, marking a growth of 31.8%[22] - OEM net sales in the commercial aerospace sector for the three months ended September 30, 2024, were $15,824,000, up from $14,574,000 in the prior year, reflecting a growth of 8.6%[21] - Aftermarket sales in the commercial aerospace sector for the three months ended September 30, 2024, were $29,058,000, compared to $23,886,000 in the same period of 2023, representing a 21.5% increase[21] Earnings Per Share - The company reported a diluted earnings per share of $0.09 for the three months ended September 30, 2024, compared to $0.20 for the same period in 2023[23] - The weighted-average common shares outstanding for diluted earnings per share were 91,931,000 for the three months ended September 30, 2024, compared to 90,755,000 for the same period in 2023[23] Transaction Expenses - The company incurred transaction expenses of $1,444,000 for the three months ended September 30, 2024, down from $2,023,000 in the same period of 2023[19] Market Outlook - Market assumptions indicate high double-digit growth for commercial and defense sectors in 2024[3] - Interest expense for full year 2024 expected to be approximately $54 million, up from $42 million[3]
Loar Holdings Inc.(LOAR) - 2024 Q3 - Quarterly Results