Financial Performance - Q4 2024 net sales were 444.1million,adecreaseof5467.1 million in Q4 2023, driven by a 4% decline in selling price and product mix, a 2% unfavorable impact from foreign currency translation, and a 1% decline in organic sales volumes[4] - Q4 2024 net income was 14.2million,or0.81 per diluted share, compared to 20.2million,or1.12 per diluted share in Q4 2023; non-GAAP net income was 23.6million,or1.33 per diluted share, down from 31.9million,or1.78 per diluted share in the prior year[5] - Full year 2024 net sales totaled 1.84billion,withnetincomeof116.6 million and earnings per diluted share of 6.51;non−GAAPnetincomewas133.5 million, or 7.44perdilutedshare[6]−AdjustedEBITDAforQ42024was64.8 million, a decrease of approximately 16% from 77.0millioninQ42023;fullyearadjustedEBITDAwas310.9 million[5] - Non-GAAP operating income for Q4 2024 was 40,453,000,comparedto50,884,000 in Q4 2023, reflecting a decrease of 20.4%[21] - Adjusted EBITDA for the twelve months ended December 31, 2024, was 310,918,000,comparedto320,379,000 for the same period in 2023, a decrease of 2.1%[21] - Non-GAAP net income for the twelve months ended December 31, 2024, was 133,456,000,slightlydownfrom137,643,000 in 2023, a decrease of 3.2%[22] - Non-GAAP earnings per diluted share for Q4 2024 were 1.33,comparedto1.78 in Q4 2023, a decline of 25.3%[22] Segment Performance - The Americas segment reported Q4 2024 net sales of 208.6million,down8125.9 million; the Asia/Pacific segment increased by 5% to 109.6million[9]−SegmentoperatingearningsintheAmericasforQ42024were50,930,000, a decrease of 17.6% from 61,756,000inQ42023[24]−TheAmericassegmentreportednetsalesof208,585,000 in Q4 2024, down 7.9% from 226,564,000inQ42023[24]−EMEAsegmentnetsalesdecreasedto125,877,000 in Q4 2024 from 135,745,000inQ42023,adeclineof7.3204.6 million, down from 279.0millionin2023,primarilyduetoahigherinflowofworkingcapitalintheprioryear[14]−AsofDecember31,2024,totalgrossdebtwas708.3 million, with cash and cash equivalents of 188.9million,resultinginnetdebtof519.4 million[15] - Interest expense, net for the twelve months ended December 31, 2024, was 41,002,000,downfrom50,699,000 in 2023, a decrease of 19.3%[21] - Total liabilities decreased to 1.26billionin2024from1.33 billion in 2023, indicating a reduction of 5.5%[30] - Payments of long-term debt increased to 57,221millionin2024from38,932 million in 2023, representing a rise of approximately 46.7%[33] Shareholder Returns - The Company returned approximately 82.4milliontoshareholdersthroughdividendsandsharerepurchasesin2024,includingrepurchasing312,997sharesforapproximately49.2 million[15] - Share repurchase program resulted in 49,247millionspentin2024,withnopriorexpendituresin2023[33]StrategicInitiatives−TheCompanycompletedtwostrategicacquisitionsin2024,contributingtosalesgrowthdespitechallengingmarketconditions[6]−TheCompanyanticipatescostsavingsofatleast20 million in 2025 through steps to reduce complexity and improve operational efficiency[7] Asset Management - Total assets as of December 31, 2024, were 2.61billion,adecreasefrom2.71 billion as of December 31, 2023[30] - Cash and cash equivalents were 188.9millionasofDecember31,2024,downfrom194.5 million in 2023[30] - The company reported a significant increase in accounts receivable, which rose to 24,975millionin2024from32,169 million in 2023, indicating a decrease of approximately 22.3%[33] Economic Outlook - The company expects to maintain sufficient liquidity and compliance with credit facility terms despite economic uncertainties[25] - The effect of foreign exchange rate changes on cash resulted in a loss of 11,141millionin2024,contrastingwithagainof771 million in 2023[33] - The company experienced a net decrease in cash and cash equivalents of 5,647millionin2024,comparedtoanincreaseof13,564 million in 2023[33]
Quaker(KWR)2025-02-24 21:37