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FTG Announces Q1 2024 Financial Results
April 12, 2024 | Firan Technology Group CorporationEstimated reading time: 1 minute
Firan Technology Group Corporation announced financial results from its first quarter of 2024.
- First quarter bookings of $37.5M were up 14% over Q1 2023.
- FTG first quarter revenues of $35.0M were up 42% over Q1 2023.
- FTG achieved Adjusted Net Earnings in Q1 2024 of $1.1M.
- FTG achieved Adjusted EBITDA of $4.6M, which was up 42% over Q1 2023.
Business Highlights
During Q1 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q1 2024, which continues to improve the Corporation and position it for the future:
Integration activities at both acquisitions progressed well through 2023 and Q1 2024 with improved throughput, improved pricing, cost savings and FTG ERP implementation completed at Circuits Minnetonka, and cost savings, equipment investments and growth plans at Circuits Haverhill. More activities and full FTG ERP implementation for Circuits Haverhill are planned for the balance of 2024.
Also, in support of the new acquisitions, and the overall growth of FTG, Leo LaCroix was hired as Executive Vice President, Circuits to oversee FTG’s US Circuits operations including the newly acquired sites. Leo has extensive senior management experience in the circuit board industry selling into the defence market.
FTG managed through a six-week strike by 67 unionized employees at the FTG Aerospace Toronto facility, which resulted in decreased product shipments during Q1 2024 of approximately $3.0M. The reduction in revenue had a negative impact on Net Earnings of approximately $1M. A new 4-year agreement with the employees was concluded and the employees returned to work on January 23, 2024. The new contract expires in August 2027.
Customer orders received in Q1 2024 totaled $37.5M, resulting in a book-to-bill ratio of 1.07:1.
As of March 1, 2024, FTG had a total backlog of $99.3 million, which is a 34% increase over the Q1 2023 backlog of $74.2 million. The two acquisitions added approximately $17.0 million of additional backlog as of their closing date.
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