AEP Has Strong First Quarter

Atlas Engineered Products (AEP) had revenue of $12.43 million for the first quarter of 2022, an increase of 35 per cent over revenue of $9.22 million in the first quarter of 2021. Earnings before interest and taxes were $2.89 million with a margin of 23 per cent for the quarter, compared to earnings of $827,012 with a margin of nine per cent in the year-ago period. Gross margin was 31 per cent compared to 19 per cent in the year-ago period. This improvement was due to pricing assessments and operational efficiency improvements. The company had a first quarter net income of $1.56 million compared to $52,208 last year. The increase was partially due to the acquisition of Hi-Tec Industries Ltd.