Financial Performance - Diluted earnings per share (EPS) for Q4 2024 decreased to $0.49 from $0.90 in Q4 2023, and for FY 2024, EPS was $1.19 compared to $3.36 in FY 2023[5] - Consolidated sales for Q4 2024 decreased by 12.5% to $184.4 million, and for FY 2024, sales decreased by 16.1% to $722.9 million[5] - Comparable store sales decreased by 13.7% in Q4 2024 and by 16.7% for FY 2024[5] - Net income for the twelve months ended December 31, 2024, was $19,956,000, a decrease of 64.5% compared to $56,319,000 in 2023[15] - EBITDA for the twelve months ended December 31, 2024, was $41,682,000, down 51.4% from $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 FY 2024[5] - SG&A expenses as a percentage of sales increased to 57.4% in Q4 2024 from 54.4% in Q4 2023, primarily due to lower sales and increased fixed costs[9] - Dividends paid in 2024 totaled $20,468,000, down 42.1% from $35,240,000 in 2023[15] Cash Flow and Investments - Cash generated from operating activities in 2024 was $58.9 million, with a decrease in inventories of $10.5 million[9] - Net cash provided by operating activities decreased to $58,909,000 in 2024 from $97,203,000 in 2023, reflecting a decline of 39.4%[15] - Capital expenditures for 2024 were $32,092,000, a reduction of 39.5% compared to $53,115,000 in 2023[15] - The company plans capital expenditures of approximately $27.1 million for 2025[9] Shareholder Returns - The company returned $25.5 million to shareholders in 2024, including $5.0 million in share repurchases and $20.5 million in dividends[4] Future Outlook - The effective tax rate for 2025 is expected to be 26.5%, excluding the impact of discrete items[9] - The company plans to discuss future expectations and growth strategies during the conference call on February 25, 2025[21] Operational Highlights - The company opened five net new stores in 2024, marking a return to the Houston, TX market after approximately 40 years[3] - The company reported a net gain on the sale of land, property, and equipment of $153,000 in 2024, compared to a gain of $71,000 in 2023[15] - Changes in inventories resulted in a cash inflow of $10,537,000 in 2024, compared to an inflow of $24,377,000 in 2023[15] - The company emphasizes the importance of EBITDA as a meaningful measure for investors, supplementing GAAP financial results[16]
Haverty Furniture(HVT_A) - 2024 Q4 - Annual Results