Select Interior Concepts (SIC) Reports Q3 EPS of $0.03, Revenues Miss

Select Interior Concepts (NASDAQ: SIC) reported Q3 EPS of $0.03, versus ($0.03) reported last year. Revenue for the quarter came in at $127.6 million versus the consensus estimate of $131.6 million.

Tyrone Johnson, Chief Executive Officer of Select Interior Concepts, stated, “Third quarter marked a continuation of organic growth in both our installation and distribution businesses. Demand in our core markets during the third quarter was firm despite tightening housing affordability in certain markets. Our volume/price/mix gains are offsetting the industry-wide impact of higher product and labor costs. Excluding acquisitions, gross margin improved year over year while Adjusted EBITDA as a percent of sales was impacted by public company transition costs and investments to support growth. As a leading designer, installer and distributor of in-demand, interior products, we believe our business model is resilient, and we will continue to make investments to support what we believe are significant growth opportunities.”

Mr. Johnson continued, “Acquisitions completed in the past year are poised to contribute positively to results as we ramp up cross-selling efforts to new customers. In the third quarter, we acquired two attractive businesses that fit directly within our strategy to diversify geographic, channel and product reach. Our third quarter progress builds on exceptional momentum over the past year with trailing twelve-month proforma net sales, including acquisitions, at approximately $500 million, putting us on solid footing going into 2019. With our scalable platform and access to capital resources, we expect to continue consolidating the fragmented industries we serve while further solidifying the premier market positions of our above-industry margin business.”

For earnings history and earnings-related data on Select Interior Concepts (SIC) click here.

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