Integer Holdings Corporation (NYSE:ITGR) Q1 2024 Earnings Conference Call April 25, 2024 9:00 AM ET
Company Participants
Andrew Senn - SVP, Strategy and Business Development and IR
Joe Dziedzic - President and CEO
Diron Smith - EVP and CFO
Conference Call Participants
Brett Fishbin - KeyBanc Capital Markets
Matthew O'Brien - Piper Sandler
Craig Bijou - Bank of America
Kristen Stewart - CL King
Nathan Treybeck - Wells Fargo
Felipe Lamar - Citi Group
Operator
Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2024 Integer Holdings Corporation Earnings Call. [Operator Instructions]
I would now like to turn the call over to Andrew Senn, Senior Vice President, Strategy, Business Development and Investor Relations.
Andrew Senn
Good morning, everyone. Thank you for joining us, and welcome to Integer's first quarter 2024 earnings conference call. With me today are Joe Dziedzic, President and Chief Executive Officer; and Diron Smith, Executive Vice President and Chief Financial Officer. As a reminder, the results and the data we discuss today reflect the consolidated results of Integer for the periods indicated. During our call, we will discuss some non-GAAP financial measures.
For reconciliation of these non-GAAP financial measures, please refer to the appendix of today's presentation, today's earnings press release and the trending schedules, which are available on our website at integer.net. Please note that today's presentation includes forward-looking statements. Please refer to the company's SEC filings for a discussion of the risk factors that could cause our actual results to differ materially.
On today's call, Joe will provide his opening comments and Diron will then review our adjusted financial results for the first quarter of 2024 and provide an update on our full year 2024 outlook. Joe will come back to provide his closing remarks, and then we'll open up the call for questions.
With that, I'll turn the call over to Joe.
Joe Dziedzic
Thank you, Andrew, and thank you to everyone for joining the call today. We appreciate the sell-side analysts who have initiated coverage on Integer over the past year and welcome Kristen Stewart from CL King, who initiated coverage of Integer last month.
We had a strong start to 2024 with sales growing 10% year-over-year and adjusted operating income up 26% or 2.7x the rate of sales growth compared to the first quarter of 2023. In addition, our adjusted earnings per share grew 31% year-over-year and gross margin expanded 120 basis points versus first quarter 2023, primarily due to the execution of our manufacturing excellence initiatives and an improved supply chain and direct labor environment. We are reiterating our full year outlook.