It has been about a month since the last earnings report for Cimpress (CMPR). Shares have added about 16.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Cimpress due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Cimpress Q1 Earnings Beat Estimates, Revenues Rise Y/Y

Cimpress reported first-quarter fiscal 2024 (ended Sep 30, 2023) adjusted earnings of 17 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 34 cents per share. Cimpress incurred a loss of 97 cents per share in the year-ago quarter.

Top-Line Details

Total revenues in the fiscal first quarter were $757.3 million, reflecting an increase of 7.7% from $703.4 million in the year-ago quarter. The organic constant-currency revenue growth was also 4%, driven by growth across most of its businesses. The top line missed the Zack Consensus Estimate of $771 million.

Segmental Information

The National Pen segment generated revenues of $87.3 million, up from $81.7 million in the prior-year quarter. Our estimate for the quarter was $91.2 million. Vista — the largest revenue-generating segment — reported aggregate revenues of $396.6 million, in line with the year-ago quarter.

The Upload and Print segment’s revenues increased to $232.7 million from $209.5 million in the year-ago quarter. The segment consists of two subgroups, namely PrintBrothers and The Print Group. In the fiscal first quarter, PrintBrothers’ revenues increased to $152.2 million from $132.7 million reported in the year-ago period.

In the fiscal first quarter, the Print Group generated revenues of $80.5 million, up from $76.8 million reported in the year-ago quarter. Our estimate for the quarter was $86.9 million. Revenues from All Other Businesses increased to $51.8 million, in line with the year-ago quarter.

Margin Details

In the fiscal quarter, Cimpress' cost of revenues was $398.8 million, up 5.6% on a year-over-year basis. Marketing and selling expenses totaled $192.2 million, down 4.4% year over year.  Total general & administrative expenses were $48.3 million, down from $54.1 million reported in the year-ago fiscal quarter.

Gross profit increased 10.1% year over year to $359 million. The margin was 47.3%, up 100 basis points. Net interest expenses rose 17.7% to $29.2 million.

Balance Sheet and Cash Flow

As of Sep 30, 2023, Cimpress had $125.2 million of cash and cash equivalents compared with $130.3 million at the end of the fourth quarter of fiscal 2023. Also, CMPR’s total debt (net of issuance costs) was $1,473 million in the first three months of the year.

In the same time period, net cash provided by operating activities was $42.3 million against $25.3 million cash spent in the year-ago period.