Record sales and profitability growth for Tornado Global Hydrovacs in Q1/2024.

From GlobeNewswire: 2024-05-23 19:30:00

Tornado Global Hydrovacs Ltd. reported record quarterly sales in Q1/2024, marking the eighth consecutive quarter of record revenue. Net income per share increased by 200.0% and net income increased by 209.2% compared to Q1/2023. EBITDAS per share increased by 92.3% and EBITDAS increased by 99.3% in Q1/2024. Revenue increased by 60.7% due to various factors, including the Supply Contract with Ditch Witch and increased demand for hydrovac trucks in North America. Gross profit increased by 66.9%, while general and administrative expense increased by 33.4% in Q1/2024. EBITDAS is a non-IFRS financial measure used to evaluate earnings performance. The Company’s President and CEO, Brett Newton, highlighted the focus on expanding product offerings and capturing a larger market share in the hydrovac space. The Company expects production, sales, and profitability to continue growing in 2024 due to various factors, including the addition of new products, revenue benefits from contracts with Ditch Witch and Custom Truck, improvement in hydrovac truck design, secure key manufacturing components, and expanded North American coverage for maintenance and repair. Tornado Global Hydrovacs Ltd. is a leader in the vacuum truck industry, providing products to utility, oilfield, infrastructure, and industrial markets. They have sold over 1,300 hydrovacs since 2005, offering safe and effective excavation methods using high pressure water and vacuum technology. For more information, visit www.tornadotrucks.com.



Read more at GlobeNewswire:: Tornado Global Hydrovacs Reports First Quarter 2024