Superior Uniform Group (SGC) Tops Q1 EPS by 31c, Revenues Beat

Superior Uniform Group (NASDAQ: SGC) reported Q1 EPS of $0.66, $0.31 better than the analyst estimate of $0.35. Revenue for the quarter came in at $140.85 million versus the consensus estimate of $123.33 million.

Compared to the first quarter 2020:

• Net Sales increased 49.4%
• Earnings per Share (Diluted) increased 200.0%
• Uniform net sales increased 17.4%
• BAMKO net sales increased 124.9%
• The Office Gurus net sales increased 43.2%

Michael Benstock, Chief Executive Officer, commented, “We are very pleased to report another quarter of exceptional operating results. Our business continues to grow both organically and through strategic acquisitions, even without including the PPE sales related to the pandemic. PPE sales for the first quarter were approximately $26.8 million versus $1.5 million in the first quarter of 2020. We are continuing to book additional PPE sales, but at a significantly slowing rate. BAMKO delivered another remarkable quarter with net sales growth of almost 125%, or $32.7 million. PPE sales represented $14.2 million of this growth. The Office Gurus delivered a record quarter with net sales increasing 43.2% after intersegment eliminations in the first quarter as compared to the first quarter last year.

“While we are optimistic in our outlook, we, along with other companies, are navigating logistical headwinds that originated in shipping ports that are now cascading throughout the transportation and logistics ecosystem. As a result, we ended the quarter with sizable backlogs in both our Uniforms and our Promotional Product segments both with and without including the benefit of PPE.

“We remain enthusiastic and dedicated to continuing with our disciplined, long-term approach. It has and we believe will continue to yield sustainable organic growth in both our recurring customer base and with new customers across diverse end markets. We are relentless in our determination to excel, bring higher levels of service to our customers and to create greater shareholder value.”

For earnings history and earnings-related data on Superior Uniform Group (SGC) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• PTC Therapeutics (PTCT) Tops Q1 EPS by 9c, provides guidance