Revenue and Growth - Revenue for 2024 increased by 4.6% to $654.7 million compared to $625.6 million[3] - Fourth quarter revenue rose by 3.3% to $213.5 million compared to $206.7 million[3] - The acquisition of HealthBeacon contributed $4.3 million in revenue for the full year 2024[9] - The company expects revenue growth in 2025 to approach the mid-single digit range[17] Profitability - Full year gross margin expanded by 300 basis points to 26.0% compared to 23.0%[10] - Operating profit for the full year increased by 23.1% to $43.2 million compared to $35.1 million[12] - Net income for the full year was $30.8 million, or $2.20 per diluted share, compared to $25.2 million, or $1.80 per diluted share[13] - Net income for 2024 was $30,759,000, up from $25,242,000 in 2023, reflecting a year-over-year increase of 21.5%[27] Cash Flow and Liquidity - Cash flow from operations for 2024 was $65.4 million, down from $88.6 million in 2023[14] - Cash and cash equivalents rose significantly to $45,644,000 in 2024, compared to $15,370,000 in 2023, marking an increase of 197.5%[27] - Net cash provided by operating activities was $65,415,000 in 2024, compared to $88,636,000 in 2023, a decrease of 26.1%[27] - The company reported a net (cash) debt of $(0.6) million in 2024, down from $34.6 million in 2023, indicating a strong cash position[28] Expenses and Liabilities - SG&A expenses for the full year increased to $126.7 million, driven by HealthBeacon expenses and higher employee-related costs[11] - Total liabilities increased to $249,164,000 in 2024 from $237,435,000 in 2023, a rise of 4.0%[25] - Total debt at year-end 2024 was $50.0 million, with a net cash position of $0.6 million[15] Assets and Equity - Total assets increased to $415,067,000 in 2024 from $384,702,000 in 2023, representing a growth of 7.5%[25] - Stockholders' equity grew to $165,903,000 in 2024, up from $147,267,000 in 2023, indicating an increase of 12.7%[25] Other Financial Activities - The company made an acquisition in 2024, resulting in a cash outflow of $7,412,000[27] - Cash dividends paid increased slightly to $6,294,000 in 2024 from $6,082,000 in 2023, reflecting a growth of 3.5%[27] - Trade receivables decreased to $117,068,000 in 2024 from $135,434,000 in 2023, a decline of 13.5%[25]
Hamilton Beach(HBB) - 2024 Q4 - Annual Results