Select Interior Concepts (SIC) Misses Q1 EPS by 16c, Revenues Beat

Select Interior Concepts (NASDAQ: SIC) reported Q1 EPS of $0.00, $0.16 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $136.9 million versus the consensus estimate of $128.8 million.

• Consolidated net sales increased 31.1% to $136.9 million, including organic sales growth of 4.8%
• Gross profit grew 38.6% to $38.7 million
• Net income increased to $0.1 million compared to net loss of $1.3 million
• EBITDA increased to $11.2 million; Adjusted EBITDA increased 17.2% to $12.5 million
• Operating cash flow totaled $10.6 million, up from a cash flow deficit of $1.5 million
• Acquired Intown Design, an installer of residential and light commercial countertops and cabinets in Georgia and neighboring Southeastern states, further strengthening the Company’s presence on the East Coast

Tyrone Johnson, Chief Executive Officer of Select Interior Concepts, stated, “We achieved another quarter of significant growth in our business, with results across the board in line with our expectations. We further solidified our position as a key industry player across our highly-complementary installation and distribution businesses. Price/mix benefits and the contribution from acquisitions drove a 150 basis point improvement in gross margin. Excluding approximately $2.0 million of incremental corporate and public company infrastructure costs, Adjusted EBITDA margin increased by approximately 40 basis points year over year.”

Mr. Johnson continued, “Our objective to deliver meaningful sales growth while improving Adjusted EBITDA margin remains on track for 2019. The structural advantages of our business model are allowing us to generate favorable price/mix performance and we are poised to deliver stronger results from cross-selling opportunities as we continue to integrate our businesses. Our acquisition pipeline remains robust, and we have a strong balance sheet that enables us to continue to drive accretive inorganic growth. Our corporate and public company infrastructure is in place, providing significant scalability for the next stage of our growth. We remain excited about the prospects for the Company in 2019 and beyond.”

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

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