Supremex Announces Q4 and Year-End 2023 Results

Fourth Quarter Financial Highlights and Recent Events

  • Total revenue of $72.3 million, compared to $78.8 million in the fourth quarter of 2022.
  • Envelope segment revenue of $50.6 million, down from $60.7 million in the fourth quarter of 2022.
  • Packaging & Specialty Products segment revenue increased 20.2% to $21.7 million, from $18.1 million last year.
  • Net earnings were $0.7 million, compared to $6.7 million in the fourth quarter of 2022.
  • Solid free cash flow at $15.1 million, compared to $10.2 million in the fourth quarter of 2022.
  • Departure of the President of the Packaging and Specialty Products segment on October 17, 2023.

“After a record 2022, calendar 2023 has been challenging for Supremex as a result of the slower than expected pace at which the industries we serve have been recovering, and to a lesser extent, operational inefficiencies in previous quarters after relocating certain Packaging operations.” said Stewart Emerson, President and CEO of Supremex. “While the sales landscape continues to improve, market conditions remain very weak. That said, Supremex enters 2024 with solid operating teams in both business segments after its third quarter packaging segment reorganization. In envelopes, we will continue to nurture the Canadian market while driving expansion in the U.S. On the packaging side, the combination of improved efficiency and quality of execution should enable us to resume positive momentum. Given our solid cash flow and healthy balance sheet, we remain well positioned to take advantage of growth opportunities, while continuing to methodically pay down debt, repurchase shares and pay increased dividends.”
details at: https://supremex.com/wp-content/uploads/2024/02/SXP-Q4-2023-Press-Release-EN-Final.pdf

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