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.
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