Ennis, Inc. (NYSE: EBF) has announced its financial results for the second quarter ending August 31, 2024. Key highlights include:
- Quarterly revenue of $99.0 million, down from $106.8 million last year, a 7.3% decrease.
- Earnings per diluted share were $0.40, slightly down from $0.42 in the same quarter last year.
- Gross profit margin was 30.1%, compared to 31.0% last year.
For the six months ending August 31, 2024, revenue totaled $202.1 million, down from $218.1 million the previous year. Gross profit margin for the period was 30.0%, with net earnings of $21.0 million, or $0.80 per diluted share, compared to $22.5 million, or $0.87 per diluted share, for the same period last year.
Chairman and CEO Keith Walters remarked that despite softer demand and increased competition, Ennis managed to maintain its strong margins, with EBITDA improving slightly to 18.6% of sales. Walters highlighted the acquisition of Printing Technologies, Inc. (PTI) in Indianapolis, further diversifying the company’s offerings. He noted that Ennis remains financially strong with no debt and significant cash reserves, positioning the company for future acquisitions.
Additionally, Ennis declared a quarterly cash dividend of 25.0 cents per share and a special one-time dividend of $2.50 per share, both payable on November 8, 2024, to shareholders on record as of October 11, 2024.
The company also reiterated the use of non-GAAP measures like EBITDA to provide insights into operational performance, with EBITDA for the quarter at $18.4 million, or 18.6% of sales.
