05:29 PM EST, 03/06/2024 (MT Newswires) -- Savaria ( SISXF ) reported its Q4 2023 results.

Quarterly revenue was $217 million, a 2.2% increase over Q4 2023's $212.1 million. The increase was due to organic growth of 6.2% and a positive foreign exchange impact of 2.3%, partially offset by the divestiture of the Norway operations.

Net earnings was $11 million, or $0.16 per diluted share, compared with net earnings of $11.3 million, or $0.18 per diluted share, last year.

Savaria ( SISXF ) reported adjusted earnings of $12.9 million, or $0.19 per adjusted share. The comparable figures for the prior year were $12.55 million, and $0.19, respectively.

In its outlook, Savaria ( SISXF ) said it expects continued strong demand in the Accessibility and Patient Care segments.

In 2023, the corporation started Savaria One, its multi-year, company-wide, sales and operations program designed to unlock the full potential of the business. Savaria One encapsulates all of the corporation's organic initiatives through to 2025, and is expected to be the major driving force toward Savaria's ( SISXF ) targets of approximately $1.0 billion in revenue and 20% adjusted EBITDA margin.

Savaria ( SISXF ) plans to record an average of $5 million in strategic initiative expenses per quarter through 2024 and at the beginning of 2025 related to Savaria One