Ennis Reports Q2 Revenue Drop of 7.3%

By Bobby Samwell • Monday, September 23 15:12 • Permanent Link

Ennis, Inc. (NYSE: EBF) has reported its financial results for the second quarter ended August 31, 2024, along with the declaration of a quarterly dividend and special dividend. The company's revenues for the quarter were $99.0 million, a decrease of $7.8 million or 7.3% compared to the same quarter last year when revenues were $106.8 million.

The earnings per diluted share for the current quarter were $0.40, slightly lower than the $0.42 reported for the comparative quarter last year. The gross profit margin for the quarter was 30.1%, down from 31.0% for the same quarter last year.

For the six-month period ended August 31, 2024, the company's revenues were $202.1 million, a decrease of $16.0 million or 7.3% compared to the same period last year. The gross profit margin for this period was $60.7 million, or 30.0%, down from $67.1 million, or 30.8% for the six-month period ended August 31, 2023. The net earnings for the six-month period ended August 31, 2024, were $21.0 million, or $0.80 per diluted share, compared to $22.5 million, or $0.87 per diluted share for the same period last year.

The company's EBITDA margin improved slightly to 18.6% of sales for the current quarter compared to 18.5% of sales during last year's second quarter. Ennis, Inc. also completed the acquisition of Printing Technologies, Inc. (PTI) during the current quarter, a move aimed at strengthening its production capabilities and diversifying its product offerings.

In other news, the board of directors declared a quarterly cash dividend of 25.0 cents per share on the company's common stock and approved a one-time special dividend of $2.50 per share. Both dividends are payable on November 8, 2024, to shareholders of record on October 11, 2024.

Ennis, Inc., founded in 1909, is one of the largest private-label printed business product suppliers in the United States. The company manufactures and sells a wide range of business products, including forms, labels, presentation products, advertising specialties, and more. The market has reacted to these announcements by moving the company's shares 2.8% to a price of $24.64. For more information, read the company's full 8-K submission here.

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