Superior Group of Companies, Inc. (NASDAQ:SGC) Q3 2023 Earnings Conference Call November 6, 2023 5:00 AM ET

Company Participants

Michael Benstock - Chief Executive Officer

Mike Koempel - Chief Financial Officer

Conference Call Participants

Kevin Steinke - Barrington Research

Jim Sidoti - Sidoti & Company

David Marsh - Singular Research

Operator

Good afternoon, everyone, and welcome to the Superior Group of Companies Third Quarter 2020 Conference Call. With us today are Michael Benstock, Chief Executive Officer; and Mike Koempel, Chief Financial Officer. And as a reminder, this conference call is being recorded. This call may contain forward-looking statements regarding how the company's plans, initiatives and strategies and the anticipated financial performance of the company, including, but not limited to, sales and profitability. Such statements are based upon management's current expectations, projections, estimates and assumptions. Words such as expect, believe, anticipate, think, outlook, hope and variations of such words and similar expressions identify such forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. Such risks and uncertainties are further disclosed in the company's periodic filings with the Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and the quarterly reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The company does not undertake to update the forward-looking statements contained herein, except as required by law.

And now I'll turn the call over to Mr. Michael Benstock.

Michael Benstock

Thank you, operator, and thanks, everyone, for joining us today. I'll start by highlighting our consolidated third quarter results, along with a discussion around our strategies that are setting us up for continued growth and margin expansion. I'll walk through each of our segments and what we're doing in more profitably grow each of our businesses. And then I'll turn it over to Mike to provide additional detail on our quarterly results as well as our updated full year outlook. We'll then open the call for Q&A.

Earlier in the year, we discussed the back-end weighted nature of our financial performance this year. And as expected, our third quarter results were the strongest of the year so far, reflecting sequential improvement across the business. We generated consolidated third quarter revenues of $136 million, down only 2% year-over-year, which was a significant improvement over the second quarter's 13% year-over-year decline and up 5% from the second quarter.