TORONTO, March 5, 2024 /CNW/ – Andlauer Healthcare Group Inc. (TSX:AND) (“AHG” or the “Company”) today reported its financial results for the three-month period (“Q4 2023”) and year ended December 31, 2023 (“Fiscal 2023”).
Revenue totaled $169.1 million, an increase of 2.0% from $165.8 million for the three-month period ended December 31, 2022 (“Q4 2022”);
Operating income was $28.0 million, compared to $28.2 million in Q4 2022;
Net income totaled $18.6 million, or $0.44 per share (diluted), compared to $19.8 million, or $0.46 per share (diluted), in Q4 2022;
Total comprehensive income was $13.5 million, compared to $17.1 million in Q4 2022;
EBITDA totaled $44.8 million, compared to $44.7 million in Q4 2022; and
EBITDA Margin was 26.5%, compared to 27.0% in Q4 2022.
Revenue totaled $648.0 million, compared to $648.4 million in the year ended December 31, 2022 (“Fiscal 2022”);
Operating income was $96.1 million, compared to $110.3 million in Fiscal 2022;
Net income was $66.1 million, or $1.55 per share (diluted), compared to $76.3 million, or $1.79 per share in Fiscal 2022;
Total comprehensive income was $60.7 million, compared to $91.0 million in Fiscal 2022;
EBITDA totaled $163.8 million, compared to $174.5 million in Fiscal 2022;
EBITDA Margin was 25.3%, compared to 26.9% in Fiscal 2022; and
During Fiscal 2023, less than 1.0% of total revenue was derived from AHG clients that are involved in the Canadian supply of COVID-19 vaccines, compared with approximately 3.0% in Fiscal 2022 and approximately 4.0% in Fiscal 2021.
“As expected, our results for the fourth quarter reflect a return to positive revenue growth in each of our product lines, except for our packaging solutions, and a strong EBITDA margin of 26.5%. While we experienced a year-over-year decline in our U.S. truckload businesses, we believe the market has now stabilized, and we continue to generate solid organic growth in our Canadian transportation network,” said Michael Andlauer, Chief Executive Officer of AHG. “Our strong leadership position in Canada’s healthcare transportation and logistics market and established presence in the U.S., are supported by our long-standing relationships with major industry customers. We remain focused on opportunities to strategically extend our platform and further enhance our value proposition for customers.”
Three months
ended December 31,
Year ended
December 31,
($CAD 000s, except per share amounts)
2023
2022
Variance
2023
2022
Variance
Revenue
Logistics and distribution
40,851
37,911
7.8 %
159,168
155,575
2.3 %
Packaging solutions
3,269
3,925
(16.7) %
16,761
21,290
(21.3) %
Healthcare Logistics segment
44,120
41,836
5.5 %
175,929
176,865
(0.5) %
Ground transportation
113,607
113,057
0.5 %
429,174
422,236
1.6 %
Air freight forwarding
8,013
7,549
6.1 %
30,595
34,383
(11.0) %
Dedicated and last mile delivery
18,324
17,354
5.6 %
68,821
66,896
2.9 %
Intersegment revenue
(14,997)
(14,024)
6.9 %
(56,567)
(51,957)
8.9 %
Specialized Transportation segment
124,947
123,936
0.8 %
472,023
471,558
0.1 %
Total revenue
169,067
165,772
2.0 %
647,952
648,423
(0.1) %
Operating expenses
141,023
137,606
2.5 %
551,899
538,078
2.6 %
Operating income
28,044
28,166
(0.4) %
96,053
110,345
(13.0) %
Net income
18,561
19,824
(6.4) %
66,140
76,275
(13.3) %
Foreign currency translation adjustment
(5,021)
(2,772)
N/A
(5,448)
14,743
N/A
Total comprehensive income
13,540
17,052
(20.6) %
60,692
91,018
(33.3) %
Earnings per share – basic
$ 0.45
$ 0.47
($ 0.02)
$ 1.58
$ 1.82