Figures for the 2nd quarter just ended
Key highlights
- Second quarter revenue amounted to 892 million dollars, an increase of 8.7% compared to Q2 2023, with organic revenue* increasing by 7.7%.
- Quarterly operating income was $182 million, an increase of 17.8% compared to the second quarter of 2023. Quarterly operating margin was 20.4%, an increase of 150 basis points compared to the second quarter of 2023. Adjusted operating income* was $187 million, an increase of 16.6% compared to the prior year. Adjusted operating profit margin* was 20.9%, an increase of 140 basis points year-over-year.
- Adjusted EBITDA amounted to 210 million dollars, an increase of 15.3% compared to the previous year. Adjusted EBITDA margin* was 23.6%, an increase of 140 basis points compared to the second quarter of 2023
- Quarterly net income amounted to 129 million dollars, an increase of 17.5% compared to the previous year Adjusted net income* amounted to 132 million dollars, an increase of 16.7% compared to the previous year
- Quarterly EPS was $0.27 per diluted share, an increase of 22.7% over prior year EPS of $0.22. Adjusted EPS* was $0.27 per diluted share, an increase of 17.4% over the prior year.
- Operating cash flow for the quarter was $145 million. The company invested $35 million in acquisitions, $9 million in capital expenditures and paid dividends totaling $73 million.
Management Comment
"Our team delivered a strong second quarter with organic growth of 7.7 percent and an improved margin profile," said Jerry Gahlhoff, Jr, President and CEO. "Demand for our services remains strong and our pipeline for acquisitions is robust. Our results in the first six months of the year position us to deliver another year of healthy growth in 2024, and we are focused on continuous improvement to drive profitability across our organization. I would like to thank our team for their continued commitment to our customers," added Mr. Gahlhoff.
"It was encouraging to see a solid revenue and profitability performance in the quarter," said Kenneth Krause, Executive Vice President and CFO. "In addition to the growth Jerry mentioned, our team delivered strong margin improvement with a 140 basis point improvement in EBITDA margins and strong incremental EBITDA margin performance. We continue to invest in our team and other resources aimed at capitalizing on a healthy market environment to drive further growth in our business," concluded Mr. Krause.
