Eric Wintemute, CEO, commented, “During our third quarter earnings report in November, we indicated expectations for the full year 2023 and our targets for 2024. While we have not completed our full audit cycle, I am pleased to report that based on our preliminary evaluation, we have ended the quarter and the year broadly in line with our targets and are now reiterating our 2024 expectations. Additionally, in the fourth quarter, we greatly strengthened our balance sheet with debt reduction fueled by higher sales, inventory reductions, and customer pre-payments. Based on preliminary numbers, the delivery of our stronger balance sheet has put us in a strong position to meet our debt-to-EBITDA target of approximately 2.75X. Furthermore, our business and digital transformation initiatives are underway. These efforts will lead to improved operating leverage and a more efficient platform for growth, which we look forward to discussing on the call.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
