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Delta Galil Q1 operating income boosts 28% to $14.8mn
May '14
Delta Galil Industries, Ltd., the global manufacturer and marketer of branded and private label apparel products for men, women and children, reported its financial results for the first quarter ended March 31, 2014.
The Company reported sales of $238.1 million for the first quarter of 2014, up from $227.3 million for the same quarter last year, an increase of 5%.
Operating income was $14.8 million for first quarter 2014, up 28% from $11.6 million in the same quarter of 2013.
A key contributor to the higher operating income was an expanding gross profit margin, which rose to 30.4% in the 2014 first quarter from 28.4% a year ago. This was partly offset by higher selling and marketing expenses as Delta Galil invested in the growth of its business.
Net income attributable to shareholders was $8.7 million in the 2014 first quarter, compared to $6.6 million in the same quarter of 2013, a 32% increase. Diluted earnings per share attributed to shareholders were $0.34 for the 2014 first quarter, up from $0.26 for the 2013 first quarter.
Quarterly Highlights
-Sales increased to $238.1 million in the 2014 first quarter, up 5% from the same period of 2013.
-Delta Galil delivered its 18th consecutive quarter of year-over-year organic sales growth.
Operating income was $14.8 million in the 2014 first quarter, growing 28% from the comparable amount a year ago.
-EBITDA was $19.0 million or 8.0% of sales in the 2014 first quarter, increasing 21% compared with $15.8 million or 6.9% of sales in the same quarter of 2013.
-Net income attributed to shareholders rose to $8.7 million in the 2014 first quarter, increasing 32% from the comparable amount in 2013.
-Diluted earnings per share attributed to shareholders increased to $0.34 for the 2014 first quarter, up 30% from the comparable amount of $0.26 a year ago.
-Financial guidance for 2014 increased: sales are now expected to be $1,045 million-$1,075 million, up from prior forecast of $1,035 million- $1,065 million. Full-year 2014 EBITDA is expected to range between $95 million-$101 million, up from prior forecast of $93 million-$99 million. Full-year 2014 diluted EPS is expected to be $1.95- $2.14, up from prior forecast of $1.93-$2.11.
-The Board of Directors declared a dividend of $3.5 million or $0.141 per share, to be distributed on May 28, 2014, which is an increase over the previous dividend rate of $0.121. The determining and "ex-dividend" date will be May 15, 2014, per the Tel Aviv Stock Exchange.
-Strong balance sheet was highlighted by a record $328.6 million in equity as of March 31, 2014, and $51.2 million in cash.

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