The Baldwin Group has announced that total revenue has grown 11% in the third quarter of 2024, to $338.9 million from the $306.2 million reported in the same period last year.
At the same time, the company also posted organic revenue growth of 14% during Q3 2024.
However, the organisation also posted a net loss of $14.5 million for the quarter, a lower figure compared to a $31.9 million loss from the prior year quarter. As well as an adjusted net income of $38.5 million.
Despite the net loss, The Baldwin Group managed to expand its adjusted EBITDA margin by 60 basis points to 21.t%, compared to 20.9% in the prior-year period, while adjusted EBITDA grew 14% year-over-year to reach $72.8 million.
Looking at their results for the first nine months of 2024, the Group announced that revenue increased 13% year-over-year to reach $1.1 billion, while organic revenue climbed 16% year-over-year.
The period also saw a net loss of $6.2 million, a figure that compared to the $101.5 million loss reported in the same period last year.
Organic revenue growth for 9M grew 16% year-over-year. The Baldwin Group also expanded its adjusted EBITDA margin by 160 basis points to 23.5%, while its adjusted EBITDA grew 22% year-over-year to $249.3 million.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented: “We delivered another strong quarter highlighting the resiliency of our business model in what has been an outstanding year for The Baldwin Group.
“We once again generated industry-leading double-digit organic growth and continued to expand our adjusted EBITDA margin and adjusted free cash flow, driven by a relentless focus on operational effectiveness and efficiency.”
Baldwin concluded: “Our team’s fantastic execution over the past couple years, along with our considerably stronger financial profile, has positioned us exceedingly well for sustained long-term growth and margin expansion.”
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