DSGR - Distribution Solutions Group Inc. (DSGR) Q1 2024 Earnings Call Transcript
2024-05-04 16:22:08 ET
Distribution Solutions Group, Inc. (DSGR)
Q1 2024 Earnings Conference Call
May 02, 2024 09:00 AM ET
Company Participants
Steven Hooser - Investor Relations-Three Part Advisors, LLC
Bryan King - Chairman and Chief Executive Officer
Ron Knutson - Executive Vice President and Chief Financial Officer
Conference Call Participants
Tommy Moll - Stephens Inc.
Kevin Steinke - Barrington Research
Katie Fleischer - KeyBanc Capital Markets
Presentation
Operator
Good day, and welcome to the Distribution Solutions Group First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Steven Hooser, with Three Part Advisors. Sir, you may begin.
Steven Hooser
Good morning, everyone, and welcome to the Distribution Solutions Group First Quarter 2024 Earnings Call. Joining me on today's call are DSG's Chairman and Chief Executive Officer, Bryan King; and Executive Vice President and Chief Financial Officer, Ron Knutson.
In conjunction with today's call, we have provided a financial results slide deck that is posted on the company's website at investor.distributionsolutionsgroup.com.
Please note that statements made on this call and in today's press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results and underlying assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those described. In addition, statements made during this call are based on the company's views as of today. The company anticipates that future developments may cause those views to change, and we may elect to update the forward-looking statements, but disclaim no obligation to do so.
Management will also refer to non-GAAP measures, and reconciliations to the nearest GAAP measures can be found at the end of our earnings release. The earnings release issued earlier today was posted on the Investor Relations section of our website. A copy of the release has also been included in a current report on 8-K filed with the SEC. Lastly, this call is being webcast on the Internet via the Distribution Solutions Group Investor Relations page on our website. A replay of the teleconference will be made available through May 16, 2024.
With that, I'd now like to turn the call over to Bryan King. Bryan?
Bryan King
Thanks, Steven, and thank you all for joining us to review first quarter 2024. I'll be starting on Slide 4 to review overall financial results. Our 2024 first quarter sales totaled $416 million, up 19.5% on strategic inorganic growth compared to the first quarter a year ago.
As we signaled on our Q4 2023 call, DSG was up against double-digit comps in the first quarter of 2023 of nearly 14% and faced continued softness in certain end markets, which we will highlight later in the call. Despite those continued pockets of softness, we maintained a positive organic trajectory on a 2-year organic basis of 4.7%, which we acknowledge is below our expectation for organic growth that we require from our investment initiatives into the business when we use a longer time horizon lens....
Distribution Solutions Group, Inc. (DSGR) Q1 2024 Earnings Call Transcript