Superior Group of Companies Reports Second Quarter 2024 Results

Core Insights - The company reported total net sales of $131.7 million for the second quarter of 2024, a 2.0% increase from $129.2 million in the same quarter of the previous year [1][3] - Net income decreased to $0.6 million, or $0.04 per diluted share, compared to $1.2 million, or $0.08 per diluted share, in the prior year [1][3][10] - The Board of Directors declared a quarterly dividend of $0.14 per share, reflecting confidence in future growth opportunities [1][3][4] Financial Performance - The second quarter results showed a decline in EBITDA to $5.6 million from $7.4 million in the prior year, with an EBITDA margin of 4.2% compared to 5.8% [1][3][14] - The company maintained its full-year sales outlook in the range of $563 million to $570 million, up from $543 million in 2023, and earnings per diluted share forecast of $0.73 to $0.79, compared to $0.54 in 2023 [4][8] Operational Highlights - The CEO emphasized the commitment to maintaining a strong financial position and the expectation of stronger performance in the second half of the year [2] - The company is focused on penetrating large and growing end markets, which is expected to enhance long-term shareholder value [2][8] Segment Performance - For the three months ended June 30, 2024, net sales by segment included $81.3 million from Branded Products, $26.6 million from Healthcare Apparel, and $24.8 million from Contact Centers [15] - The gross margin for the total sales was $50.8 million, with selling and administrative expenses totaling $48.4 million [15][16]