Cimpress (asi/162149) appears to have righted the ship.

After sustaining a nearly $186 million net loss during its 2023 fiscal year, the Top 40 promotional products distributorship generated about $62.65 million in net income, or $2.31 in diluted earnings per share, through the first six months of its 2024 fiscal year.

During the same time period, the parent company of Vistaprint and former Top 40 distributor National Pen increased global sales across all of its business divisions by 8% year over year to nearly $1.68 billion.

“We have significantly expanded profitability and free cash flow over the last year, while still investing for growth to enhance our long-term prospects, underlying cash flow generation ability and intrinsic value per share,” said Cimpress CEO Robert Keane.

Word on publicly traded Cimpress’ half-year performance came on Jan. 31 as the Dundalk, Ireland-headquartered company reported results for its fiscal 2024 second quarter, which concluded Dec. 31, 2023, corresponding to the calendar-year fourth quarter.

During Q2, Cimpress generated total sales of $921.36 million, a 9% increase compared to the same quarter the prior year. Net income tallied about $58.1 million, or $2.14 per diluted share. That was up from a $140 million loss in the prior year’s Q2.

“The combined impact of revenue growth, gross margin expansion, advertising leverage and reduced operating expenses drove strong financial results in the second quarter,” said Keane.

Sales Rise for Vistaprint, National Pen

Both National Pen and the Cimpress Vista division, which includes e-commerce-driven seller of brandable print/promo products Vistaprint, increased sales in Q2.

The Vista topline elevated 11% to $485.15 million, while the division’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose 87% year over year to $103.17 million. Vista reportedly had strong growth across all business product categories, which include promo.

“The combined impact of revenue growth, gross margin expansion, advertising leverage and reduced operating expenses drove strong financial results in the second quarter.” Robert Keane, Cimpress (asi/162149)

“The growth across all categories in Q2 benefited from the combined improvements we’ve made over the last year, most notably in our customer experience,” Keane asserted. “This is improving customer satisfaction, new customer acquisition cohorts and customer lifetime value.”

Better margins and sales growth of 8% to $130.57 million in Q2 helped National Pen increase EBITDA by $1.1 million to $25.86 million during the three-month span. The sales rise “was driven by strong results in National Pen’s growing e-commerce business,” Keane said.

Cimpress is predicting that across all its business divisions, revenue will rise at least 7% in fiscal 2024.

Based on reported 2022 North American promotional product revenue of $283 million, Cimpress ranked 10^th on Counselor’s most recent list of the largest distributors in the industry.