CA - Savaria Corporation (SISXF) Q1 2024 Earnings Call Transcript

2024-05-12 00:21:02 ET

Savaria Corporation (SISXF)

Q1 2024 Earnings Conference Call

May 09, 2024 08:30 AM ET

Company Participants

Sébastien Bourassa - President and Chief Executive Officer

Stephen Reitknecht - Chief Financial Officer

Jean-Philippe De Montigny - Chief Transformation Officer

Conference Call Participants

Kyle McPhee - Cormark Securities

Gabriel Moreau - Scotia Bank

Michael Glenn - Raymond James

Zachary Evershed - National Bank Financial

Justin Keywood - Stifel

Presentation

Operator

Good morning, afternoon, and evening. My name is Norma. I'll be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation's First Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session.

The three speakers for today's conference will be Sebastien Bourassa, President and Chief Executive Officer, Stephen Reitknecht, Chief Financial Officer, and Jean-Philippe De Montigny, Chief Transformation Officer. After the speaker's presentation, there will be a question and answer session. [Operator Instructions].

This call may contain forward-looking statements, which are subject to the disclosure statement contained in Savaria's most recent press release, issued on May 8, 2024, with respect to its first quarter, 2024 results. Thank you.

Mr. Bourassa, you may begin your conference.

Sébastien Bourassa

Thanks, Norma, and good morning, everyone. So today, I will start with a small recap of our first quarter results. Steve will update us with our financial section, and JP will update you on the progress of the Savaria One, and we're going to have a smaller Q&A session at the end.

So first of all, overall, revenue growth in Q1 was below expectations. First, we lost some sales with the diversity of our Vancouver version in Canada. Europe has a small decline of 3.4%, but we use later that they had a positive EBITDA improvements, so good job on that. And we are going against a weak second quarter of 2023, so we're expecting to have some growth in the second quarter to bring us back to the normal point....

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