Select Interior Concepts (SIC) Misses Q4 EPS by 36c, Revenues Miss

Select Interior Concepts (NASDAQ: SIC) reported Q4 EPS of ($0.07), $0.36 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $133 million versus the consensus estimate of $135.6 million.

• Consolidated net sales increased 32.6% to $133.0 million, including organic sales growth of 4.5%
• Gross Profit grew 20.3% to $34.6 million
• Net loss of $1.8 million, compared to net loss of $15.0 million
• Adjusted EBITDA increased 7.1% to $14.9 million
• Acquired T.A.C. Ceramic Tile Co., an installer of residential and light commercial flooring in Virginia, Maryland and West Virginia, with approximately $70 million in annualized sales

Tyrone Johnson, Chief Executive Officer of Select Interior Concepts, stated, “We achieved significant growth in our business during 2018. We delivered over 8% organic sales growth, completed five highly complementary acquisitions and continued to produce above-industry average margins. This progress and profitability were in line with our objectives to expand market share and diversify across geography, product and channel while investing in our public company infrastructure to support the next chapter of our growth.”

Mr. Johnson continued, “With the addition of Intown Design, annual net sales on a run-rate basis including acquisitions are approximately $600 million. This positions us as a key industry player in both our installation and distribution businesses. In 2019, we plan to drive additional growth through our deep pipeline of acquisition targets and organic growth initiatives, which are providing strong momentum. We are excited for the year ahead and remain focused on improving our margins on acquired revenues as we integrate and ramp up cross selling-efforts across our network. With our scalable platform and strong balance sheet, we are on solid footing to achieve our objectives in 2019 and beyond.”

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

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