BRÈVE

sur Loar Holdings Inc.

Loar Holdings Inc. Reports Strong First Quarter 2024 Results

Loar Holdings Inc. disclosed its first quarter metrics for 2024, reporting a significant upturn in its financial performance compared to the same period last year. The company announced net sales of $91.8 million, a sharp increase of 23.7% from the previous year. Net income for the first quarter was also notably higher at $2.2 million, recovering from a net loss of $7.5 million in Q1 2023. Adjusted EBITDA rose to $33.0 million, marking a 23% increase year-over-year.

These improvements were attributed to an operating income boost and a reduced effective income tax rate. Furthermore, Loar mentioned a solid net income margin for the quarter at 2.4%, a substantial improvement from a net loss margin of 10.1% last year. The company's CEO, Dirkson Charles, highlighted the achievement of a quarterly record in net sales and adjusted EBITDA, noting strong EBITDA margins of 36%.

In addition to improved earnings, Loar Holdings addressed its capital structure. On April 29, the company successfully closed its Initial Public Offering (IPO), raising $330 million. These funds were primarily used to repay $285 million of debt, enhancing the company’s financial flexibility and reducing interest expenses. Loar has also secured a new $50 million revolving credit facility and revised its credit agreements favorably extending the maturity of its existing debts to 2030.

R. E.

Copyright © 2024 FinanzWire, tous droits de reproduction et de représentation réservés.
Clause de non responsabilité : bien que puisées aux meilleures sources, les informations et analyses diffusées par FinanzWire sont fournies à titre indicatif et ne constituent en aucune manière une incitation à prendre position sur les marchés financiers.

Cliquez ici pour consulter le communiqué de presse ayant servi de base à la rédaction de cette brève

Voir toutes les actualités de Loar Holdings Inc.