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Superior Group of Companies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $149,690,000 from $136,126,000 in the same quarter the previous year. The increase is attributed to growth in all three reportable segments: Branded Products, Healthcare Apparel, and Contact Centers.
Gross margin for the quarter was $60,546,000, representing 40.4% of sales, compared to 39.1% in the same quarter of the previous year. The improvement in gross margin was driven by the Branded Products and Healthcare Apparel segments.
The company reported a net income of $5,403,000 for the quarter, compared to $3,114,000 in the previous year, with the increase attributed to higher sales and improved gross margins.
Interest expense decreased to $1,569,000 from $2,464,000, due to a reduction in weighted average outstanding borrowings and a decrease in the weighted average interest rate.
Selling and administrative expenses increased to $52,215,000 from $47,246,000, primarily due to higher employee-related costs and marketing expenditures.
Net cash provided by operating activities was $24,497,000, while cash used in investing and financing activities was $2,911,000 and $22,400,000, respectively.
Superior had a working capital of $176,431,000 as of September 30, 2024. The company highlights its reliance on positive operating results and credit facilities to meet future obligations.
The filing also details various financial agreements, including a revolving credit facility and term loan due in August 2027.
Superior does not anticipate significant changes in its dividend policy and continues to focus on growth across its segments.
The company identified a material weakness in its internal controls over financial reporting related to certain IT systems in the Contact Centers segment.
Superior continues to expand its market presence in the Branded Products and Healthcare Apparel segments, with a focus on enhancing customer engagement and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Superior Group of Companies Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.