The following is a summary of the RCM Technologies, Inc. (RCMT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• RCM reported Q1 2024 consolidated gross profit growth of 7.1% to $20.4 million from $19.0 million in Q1 2023.

• Adjusted EBITDA for the first quarter grew 11.1% to $6.8 million.

• Adjusted diluted EPS for the first quarter increased by 30.4% to $0.53.

• Engineering gross profit and life sciences data and solutions gross profit grew by 27.1% and 7.9% respectively, though healthcare gross profit dropped by 2.4%.

• The company expects low double-digit, consolidated, adjusted EBITDA growth for fiscal 2024.

Business Progress:

• Q1 2024 school revenue increased by 19.1% to $31.9 million, and the company is in the final stages of negotiations with 12 new districts.

• RCM introduced a shared services team to improve strategic focus, collaboration, and communication.

• Energy services delivered strong results with double-digit increases expected in both revenue and EBITDA.

• Success was noted in life sciences and data solutions sectors with good progress in project, solution, and managed service solutions' client engagements.

• There are plans for strategic acquisitions that can bring added value and open up opportunities in growing market segments.

• RCM is looking to improve management of accounts receivable and dealing with administrative client issues to streamline operations.

More details: RCM Technologies IR

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