Superior Group of Companies (SGC), the parent company of BAMKO (PPAI 242148, Platinum) – ranked the No. 4 distributor in the inaugural PPAI 100 – has released its earnings report for the first quarter of 2024.

SGC’s net sales increased to $138.8 million for the first quarter ended March 31, up 6.2% from Q1 2023.

  • Net income improved significantly to $3.9 million, from $0.9 million in Q1 2023, and earnings per share (EPS) grew to $0.24 per diluted share from $0.06 in the same period last year.
  • SGC’s EBITDA (earnings before interest, taxes, depreciation and amortization) rose to $9.6 million, compared to $6.9 million in Q1 2023.

The company has also raised its full-year 2024 sales outlook to a range of $563 million to $570 million from the prior range of $558 million to $568 million, with an EPS estimate of $0.73 to $0.79.

“The year is off to a strong start with year-over-year revenue and EBITDA growth for all three of our business segments driving positive cash flow and improved financial flexibility,” says Michael Benstock, CEO of SGC.

“To capitalize on gradually improving underlying trends across our attractive end markets, our team’s focus is on strong customer service and retention. With an always long-term view of our business, we’re also prudently investing in talent, processes and systems to capture future market share to enhance our long-term profitability and create additional shareholder value.”

Strategic & Operational Highlights

SGC reported that each of its three primary segments – branded products, healthcare apparel and contact centers – demonstrated growth in Q1 2024.

  • Branded products generated more than $87,000 in net sales with a 9.5% revenue CAGR (compound annual growth rate) and a 9.7% EBITDA margin.
  • Healthcare apparel generated more than $29,000 in net sales with a 2.3% revenue CAGR and a 7.0% EBITDA margin.
  • Contact centers generated more than $23,000 in net sales with a robust 26% revenue CAGR and a 13.6% EBITDA margin.

“Our team kicked off the year with a strong first quarter, creating a ton of enthusiasm for the opportunities we have before us in the year ahead,” says Jake Himelstein, president of BAMKO. “Beyond a noteworthy 6% rise in top-line revenue, we’re especially thrilled to announce a remarkable 39% boost in EBITDA compared to Q1 2023. This incredible jump that is a result of our continued effort to automate and streamline operational efficiencies builds on BAMKO’s ongoing profitability momentum since last summer.”

“Looking forward,” Himelstein adds, “we’re particularly enthusiastic about our outstanding customer retention, growing ‘wallet share’ among current clients, heightened RFP engagement and the continuous influx of sales reps eager to join our company who are drawn by our unique culture, abundant resources and one-of-a-kind support model.”