Richelieu has slow Q4

Specialty hardware manufacturer and distributor Richelieu had sales of $453.6 million in the fourth quarter of 2023, a decrease of 0.8 percent compared to sales of $457.5 million in the fourth quarter of 2022. Earnings before interest, income taxes, and amortization (EBITDA) amounted to $58.8 million for the quarter, down 23.3 percent compared with $76.7 million in the fourth quarter of 2022. The gross margin reduced compared to the previous year and EBITDA margin stood at 13 percent, compared with 16.8 percent for the year-ago period. The company had net earnings of $29.4 million, down 35.7 percent over the year-ago period.