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Distribution Solutions Group Inc. (DSGR-3.81%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that DSGR achieved total revenue of $1.8 billion for 2024, an increase from $1.57 billion in 2023. This growth was primarily driven by acquisitions and organic growth in certain segments.
The company reported a net loss of $7.3 million for 2024, compared to a net loss of $9.0 million in 2023. The improvement in net income was attributed to increased revenues and operational efficiencies.
Revenue from the Lawson segment was $469 million, slightly up from $468.7 million in 2023. This segment faced challenges due to a shift in sales toward lower margin customers.
TestEquity's revenue increased to $771.2 million, up from $641.8 million in 2023, driven by acquisitions and growth in electronic production supplies.
Gexpro Services reported revenue of $440.7 million, an increase from $405.7 million in 2023, with growth in renewable energy and aerospace markets.
The newly formed Canada Branch Division contributed $125.1 million in revenue, significantly up from $55.9 million in 2023, primarily due to the acquisition of Source Atlantic.
DSGR's gross profit margin decreased slightly to 34% in 2024 from 35.1% in 2023, impacted by a shift in sales mix and acquisition-related costs.
The company completed several acquisitions in 2024, including ConRes Test Equipment, Tech-Component Resources Pte Ltd, Source Atlantic, S&S Automotive, and Emergent Safety Supply, with a total purchase consideration of approximately $216 million.
DSGR entered into a Third Amendment to its credit agreement, increasing its borrowing capacity to support acquisitions and operational needs.
The company continues to focus on integrating its acquisitions and leveraging synergies across its segments to enhance operational efficiencies and drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Distribution Solutions Group Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.