ECD Auto Design Announces FY23 EPS $(0.09) Vs $(0.06) YoY; Revenue $15.12M Vs $12.34M YoY
Portfolio Pulse from Benzinga Newsdesk
ECD Auto Design, now trading on Nasdaq, reported a FY23 EPS of $(0.09), down from $(0.06) YoY, with revenue rising to $15.12M from $12.34M. The company saw a gross profit increase of 150% to $4.2M and an adjusted EBITDA of $1.1M, turning around from a $(1.3)M loss in 2022. Despite a net loss of $(1.6)M, up from $(1.4)M, ECD is optimistic, citing its acquisition of Brand New Muscle Car assets and a revenue guidance of $33M for 2024. The company emphasizes its growth strategies in the luxury classic car market and plans to expand its product line to include classic Ford Mustangs.
May 03, 2024 | 12:33 pm
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ECD Auto Design reported increased FY23 revenue and a positive shift in EBITDA, alongside a strategic acquisition aimed at expanding its luxury classic car lineup.
ECD Auto Design's financial results show significant growth in revenue and a positive EBITDA, indicating improved operational efficiency and financial health. The acquisition of Brand New Muscle Car assets and the focus on expanding the luxury classic car lineup, coupled with the optimistic revenue guidance for 2024, suggest a strong growth trajectory. These factors, along with the company's recent Nasdaq listing, are likely to generate positive investor sentiment and potentially increase stock price in the short term.
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IMPORTANCE 90
RELEVANCE 100