Oct 10, 2023
Richelieu has slight decrease in Q2
Richelieu has consolidated sales of $459 million for the third quarter of 2023, a decrease of 2.9 percent compared to sales of $472.9 million in the third quarter of 2022. Operating expenses were $398 million, or 86.7 percent of sales, compared to $393.7 million, or 83.3 percent of sales, for the corresponding period in 2022. Earnings before income taxes, interest, and amortization (EBITDA) was $61 million, down 23 percent from the prior-year period, mainly as a result of lower sales and higher operating expenses. Gross margin reduced slightly; as a result, the EBITDA margin was 13.3 percent, compared with 16.7 percent last year. The company had net earnings of $30.7 million, down 34.4 percent from the prior year. “Our strategies of innovation and service, market penetration, and business acquisition remain our key drivers for future growth," says Richard Lord, president and chief executive officer of Richelieu.
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