National Presto Industries (NPK) Q4 2024 earnings summary

Executive summary

• Consolidated net sales rose 14% to $388.2M in 2024, with net earnings up 20% to $41.5M year-over-year.

• Defense segment led growth, with backlog reaching $1.09B at year-end, up from $564M in 2023.

• Housewares/Small Appliance segment rebounded with a 5% sales increase, while Safety segment remained in startup phase with limited revenue.

• Cash and cash equivalents declined by $70M to $17.7M, mainly due to inventory and receivables build-up.

• A cybersecurity incident in March 2025 is under investigation and may materially impact future results.

Financial highlights

• Net sales: $388.2M in 2024 vs. $340.9M in 2023 (+14%).

• Net earnings: $41.5M in 2024 vs. $34.6M in 2023 (+20%).

• Gross profit: $78.6M in 2024 vs. $67.5M in 2023 (+17%).

• EPS: $5.82 in 2024 vs. $4.86 in 2023.

• Cash used in operations: $(53.4)M in 2024 vs. $45.4M provided in 2023.

Outlook and guidance

• Defense segment backlog supports strong revenue visibility for 18–42 months.

• Company expects to pursue further acquisitions and capital investments aligned with segment strategies.

• Sufficient liquidity and new $50M credit facility in place as of February 2025.