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Entegris Inc. (ENTG-2.52%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported net sales of $3.24 billion for the year, a decrease from $3.52 billion in 2023. This decline was attributed to the absence of sales from divested businesses and unfavorable foreign currency translation effects.
Gross profit for the year was $1.49 billion, with a gross margin of 45.9%, up from 42.5% in the previous year. The increase in gross margin was primarily due to improved plant performance and the impact of divested businesses.
Operating income was reported at $533.9 million, compared to $499.2 million in 2023. This increase was driven by lower selling, general and administrative expenses, which decreased by 22% to $446.6 million.
Net income for the year was $292.8 million, or $1.93 per diluted share, compared to $180.7 million, or $1.20 per diluted share, in 2023. The increase in net income was largely due to lower interest expenses and the absence of goodwill impairment charges.
The company completed the sale of its Pipeline and Industrial Materials business in March 2024, receiving net proceeds of $256.2 million.
Entegris also reported a decrease in total debt to $3.98 billion from $4.58 billion in 2023, reflecting repayments on its senior secured term loan facility.
The company declared quarterly cash dividends of $0.10 per share, totaling $60.7 million for the year.
Entegris continues to focus on its two operating segments: Materials Solutions and Advanced Purity Solutions, which were realigned in the fourth quarter of 2024.
The company anticipates capital expenditure spending of approximately $325 million in 2025, including investments in its new manufacturing facility in Colorado Springs, Colorado.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Entegris Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.