Supremex reports 2.8% revenue increase in Q3

Feed: 3733 - Date: 11/16/2023 - Views: 13

Supremex Inc. , a leading North American manufacturer and marketer of envelopes and a growing provider of paper based packaging solutions, recently announced its results for the third quarter ended September 30, 2023.

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Total revenue increased by 2.8% to $69.8 million, from $67.9 million in the third quarter of 2022. Envelope segment revenue up 0.4% to $49.3 million, from $49.1 million in the prior year.
 
Packaging and specialty products segment revenue of $20.5 million, up 9.1% from $18.8 million last year.
 
Net earnings were $5.0 million, compared to $8.1 million last year.
 
“Demand continues to improve but somewhat slower than expected with high inflation and interest rates still affecting  direct mail and consumer product spending. With continuous efforts to drive efficient working capital management,  Supremex generated a solid free cash flow during the third quarter. Taking into consideration the business  acquisitions, Supremex reimbursed over $9 million of long-term debt and repurchased shares,” said Stewart  Emerson, President & CEO of Supremex. “We entered the fourth quarter with the right level of inventory to support  our customers in the current market conditions. Meanwhile, our teams are focused on completing the integration of  the packaging operations and achieving the planned efficiencies and synergies related to our most recent  optimization initiatives”.
 

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