08.08.2024

Strong pick up for Snorkel

We finally have the full year financial results from aerial lift manufacturer Snorkel for the calendar year 2023.


Full year
Total revenues for the year were $188.7 million, an 11.8 percent improvement over 2022, thanks to higher prices and a little more volume. Pre-tax profit for the period was $4.2 million, compared to a loss of $16.5 million in 2022. However, a $31.8 write back or “forgiveness” boosted the bottom line in 2022 to $15.3 million.
Moving on to the.........

Fourth quarter
Revenues were 15.4 percent higher at $43,6 million, compared to the fourth quarter of 2022. Pre-tax profits were 2.5 million compared to a loss in the same period of 2022 of $3.8 million, but when the write back is included the profit was $27, 972.
The results, were apparently delayed due to a late and slow audit.

Vertikal Comment

These results were disclosed through a stock market filing by Tanfield, which believes that it still holds a 49 percent stake in the business. It remains locked into a long running battle with Snorkel owner Don Ahern over the ownership issue.

That aside this is a decent set of numbers from Snorkel which continues to do well, in spite of all the challenges it faces. It looks as though selling off one of its biggest customers - Ahern Rentals - has done Snorkel no harm at all. In fact, it might even have given sales a little bit of a boost?

We have to remember of course that these numbers are for last year, and that we are now well over halfway through the 2024.