Uni-Select Inc. recently reported its financial results for the third quarter that ended September 30, 2022.
Here are the highlights of this report compared to the Third Quarter of 2021:
- Consolidated sales of $452.7 million, up $26.6 million or 6.2%;
- Up 11.6% excluding the impact of unfavourable fluctuation of the British pound and the Canadian dollar against the US dollar;
- Organic growth of 9.8% with all three segments reporting positive organic growth;
- Total net debt reduction of $50.5 million;
- Total net debt to adjusted EBITDA ratio down to 1.44x driven by strong operating results and sound working capital management, offsetting capital deployed on acquisitions.
“We are pleased by our third quarter results which reflect the ongoing efforts of our teams to deliver impactful operational improvements to drive our business forward. During the quarter, we realized organic growth across all of our business, generated meaningful cash flow, and achieved higher EBITDA compared to Q3 2021 despite unfavourable currency translation effects. During the quarter, we also completed the acquisition of Maslack, the most significant acquisition for Uni-Select since we began our turnaround in Q2 2021,” said Brian McManus, Executive Chair and Chief Executive Officer of Uni-Select.
“Notwithstanding the persisting currency translation impact and labour and inflation challenges, our focus on operational excellence and cost discipline should still yield modest year-over-year improvement in the fourth quarter of 2022. In the near term, we aim to drive organic growth through volume gains and deliver synergies from recent acquisitions. Our solid financial position and ongoing capital discipline also enable us to capitalize on further acquisition opportunities to strengthen our market position. As we look out to 2023, we anticipate these factors to produce higher adjusted EBITDA and adjusted EPS compared to 2022,” concluded Mr. McManus.