RCM Technologies, Inc. Announces Third Quarter Results

Financial Performance - RCM Technologies reported revenue of $60.4 million for the thirteen weeks ended September 28, 2024, a 4.0% increase from $58.0 million for the same period in 2023 [2] - Gross profit for the current quarter was $17.8 million, reflecting a 3.2% increase compared to $17.3 million in the prior year [2] - The company experienced GAAP net income of $2.7 million, or $0.35 per diluted share, down from $3.8 million, or $0.46 per diluted share, in the comparable prior quarter [2] - Adjusted EBITDA for the current quarter was $5.6 million, a 9.5% increase from $5.1 million in the prior year [2] Year-to-Date Performance - For the thirty-nine weeks ended September 28, 2024, RCM Technologies reported revenue of $201.5 million, a 4.8% increase from $192.2 million for the same period in 2023 [3] - Gross profit for this period was $58.2 million, a 5.7% increase compared to $55.1 million in the prior year [3] - GAAP net income for the thirty-nine weeks was $10.5 million, or $1.31 per diluted share, compared to $11.6 million, or $1.33 per diluted share, in the prior year [3] - Adjusted EBITDA for the thirty-nine weeks was $19.6 million, a 10.5% increase from $17.7 million in the prior year [3] Business Segments - Growth in the third quarter was primarily driven by the Healthcare and Engineering segments, which continue to expand in their respective markets [4] - Revenue breakdown for the thirteen weeks ended September 28, 2024, included $26.6 million from Specialty Health Care, $24.2 million from Engineering, and $9.6 million from Life Sciences and IT [15] Future Outlook - The company anticipates consistent growth and improved cash conversion in the upcoming quarters [4]