AEP unveils Q1 2024 financial performance

Atlas Engineered Products (AEP) has unveiled its financial snapshot for the first quarter of 2024, showcasing both challenges and strategic maneuvers. Despite a slight dip in revenue, down to $9,121,059 compared to the previous year’s $9,629,368, AEP’s CEO and president, Hadi Abassi, remains optimistic.

The decline is attributed to stabilizing material prices and heightened market competition spurred by interest rate hikes. Gross margin also fell to 16% from 30% due to seasonal variations, notably at Leon Chouinard & Fils Co. Ltd. (LCF). This led to a net loss after taxes of $993,436, a sharp contrast to the $543,300 profit in 2023. Adjusted EBITDA margin plummeted to 3%, reflecting decreased sales and increased costs.

AEP is doubling down on its growth strategy, emphasizing robotic automation, market expansion, and strategic acquisitions to navigate the dynamic construction landscape and address housing shortage.