Steel Partners Holdings LP has reported its financial results for the year ended December 31, 2024, showing significant improvements across various metrics compared to the previous period. The company's revenue increased to $2 billion in 2024 from $1.9 billion in 2023. Income before income taxes and equity method investments was $223.5 million, up from $161.2 million in 2023. Net income attributable to the company’s common unitholders for the year was $261.6 million, or $11.38 per diluted common unit, compared with $150.8 million, or $6.43 per diluted common unit in 2023.
Steel Partners also reported a notable increase in adjusted EBITDA, generating $303 million in 2024 compared to $240.6 million in 2023. The company's total debt as of December 31, 2024, was $119.7 million, while net cash, which includes cash and investments less total debt, pension liabilities, and preferred unit liabilities, totaled $62.2 million, reflecting an increase of $5.9 million compared to December 31, 2023.
Furthermore, the book value per unit increased to $59.36 on December 31, 2024, compared to $45.01 as of December 31, 2023. The company's net pension liability was reduced to $10.5 million in 2024 from $46.2 million in 2023, with a cash contribution of $10.2 million made into the pension plan during the same year.
In terms of unit repurchases, Steel Partners purchased 2,360,634 common units for an aggregate purchase price of $109.4 million in 2024. Additionally, from January 1, 2025, through March 3, 2025, the company repurchased 1,999 common units for $0.08 million. Since 2016, the company has purchased 10,171,253 million units for $273.9 million at an average price of $26.93/common unit. Moreover, from January 1, 2024, through March 3, 2025, the company repurchased 589,693 preferred units for $14.4 million at an average price of $24.47/preferred unit.
The company manages its operations through four business segments: diversified industrial, energy & sports, supply chain, and financial services, with approximately 5,200 employees in 90 locations across 18 countries.
The press release also provided updates on the performance of various business units within the company, highlighting achievements, leadership changes, and strategic initiatives undertaken to drive growth and operational excellence. Notable mentions include the financial performance and strategic initiatives of business units such as Dunmore, Handytube, Indiana Tube Corporation, JPS Composite Materials, Kasco, Lucas Milhaupt, Moduslink, MTE, and MTI.
The press release emphasized the company's commitment to innovation, operational excellence, and strategic acquisitions, which have contributed to its transformation and growth since going public in 2011. As a result of these announcements, the company's shares have moved -1.5% on the market, and are now trading at a price of $39.97. If you want to know more, read the company's complete 8-K report here.
