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National Presto Industries Inc. (NPK+0.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across three segments: Housewares/Small Appliance, Defense, and Safety. The Housewares/Small Appliance segment reported net sales of $102,799,000, an increase from the previous year, primarily due to a rise in units shipped.
The Defense segment, which manufactures products primarily for the U.S. Department of Defense, reported net sales of $284,025,000, reflecting an increase in units shipped. The segment's gross profit increased to $58,173,000.
The Safety segment, which consists of startup businesses focusing on safety technology, reported limited revenues of $1,404,000. The segment recorded a gross loss of $5,085,000, attributed to increased product development and testing costs.
Overall, National Presto's consolidated net sales increased by 14% to $388,228,000. Gross profit increased by 17% to $78,566,000, while net earnings rose by 20% to $41,460,000.
The company reported a provision for income taxes of $9,210,000, resulting in an effective income tax rate of 18%.
National Presto Industries highlighted its dependence on key customers and suppliers, especially in the Housewares/Small Appliance segment, where a significant portion of products are sourced from Asia.
The Defense segment's backlog was approximately $1,085,612,000 as of December 31, 2024, with anticipated fulfillment over the next 18 to 42 months.
The company also addressed cybersecurity risks, noting a system outage caused by a cybersecurity incident on March 1, 2025. The full impact of the incident is still under investigation.
National Presto Industries maintains a strong liquidity position with cash and cash equivalents of $17,663,000 and marketable securities of $5,010,000 as of December 31, 2024.
The company announced a regular dividend of $1.00 per share, payable on March 17, 2025, to stockholders of record as of March 4, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Presto Industries Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.