In This Story
Knowles Corporation (KN-0.93%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $553.5 million for 2024, an increase from $456.8 million in 2023. This growth is attributed to the acquisition of Cornell Dubilier and increased demand in the MedTech & Specialty Audio segment.
Gross profit for 2024 was $234.8 million, up from $203.8 million in 2023, with a gross margin of 42.4%. The increase in gross profit was primarily due to the acquisition of Cornell Dubilier and product cost reductions.
Operating expenses rose to $183.0 million in 2024 from $160.4 million in 2023, driven by increased costs associated with the acquisition of Cornell Dubilier.
Net income from continuing operations was reported at $23.4 million, compared to $65.6 million in 2023, reflecting higher operating expenses and interest costs.
The company recorded a loss from discontinued operations of $261.2 million, primarily due to the sale of its Consumer MEMS Microphones business to Syntiant Corp.
The company completed the acquisition of Cornell Dubilier for $246.8 million, which contributed to the increase in revenues and gross profit.
Knowles Corporation's total assets as of December 31, 2024, were $1,118.2 million, a decrease from $1,462.8 million at the end of 2023, largely due to the sale of the Consumer MEMS Microphones business.
The company announced an increase in its share repurchase authorization by an additional $150 million, following repurchases totaling $53.7 million in 2024.
The filing also details various risk factors, including reliance on key customers, exposure to foreign currency fluctuations, and the impact of global economic conditions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Knowles Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.