Haverty Furniture(HVT)2025-02-24 21:31Financial Performance - Diluted earnings per share (EPS) for Q4 2024 decreased to 0.90 in Q4 2023, while full-year EPS dropped to 3.36[5] - Consolidated sales for Q4 2024 decreased by 12.5% to 722.9 million[5] - Comparable store sales declined by 13.7% in Q4 2024 and 16.7% for the full year[9] - Net income for the twelve months ended December 31, 2024, was 56,319,000 in 2023[15] - EBITDA for the twelve months ended December 31, 2024, was 85,805,000 in 2023[17] Profitability and Margins - Gross profit margin for Q4 2024 was 61.9%, down from 62.4% in Q4 2023, and remained at 60.7% for the full year[5] - SG&A expenses as a percentage of sales increased to 57.4% in Q4 2024 from 54.4% in Q4 2023[9] Cash Flow and Capital Expenditures - Cash generated from operating activities was 10.5 million[9] - Net cash provided by operating activities decreased to 97,203,000 in 2023, reflecting a decline of 39.4%[15] - Capital expenditures for 2024 were 53,115,000 in 2023[15] - The company plans capital expenditures of approximately 25.5 million to shareholders in 2024, including 20.5 million in dividends[4] - Dividends paid in 2024 totaled 35,240,000 in 2023[15] Store Operations - The company opened five net new stores in 2024, marking a return to the Houston, TX market after approximately 40 years[3] Tax and Financial Metrics - The effective tax rate for 2025 is expected to be 26.5%[9] - The company emphasizes the importance of EBITDA as a meaningful measure for investors, supplementing GAAP financial results[16] - Comparable-store sales metrics are used to assess the performance of existing stores and online sales, indicating growth trends[18] Asset Management - Cash, cash equivalents, and restricted cash equivalents at the end of the period were 127,777,000 at the beginning of the period[15] - The company reported a net gain on the sale of land, property, and equipment of 71,000 in 2023[15] - Changes in inventories resulted in a cash inflow of 24,377,000 in 2023[15]