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Steel Partners Holdings LP LTD PARTNERSHIP UNIT (SPLP+2.96%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $2,027,848,000, an increase from $1,905,457,000 in the previous year. This growth is attributed to higher sales in the Diversified Industrial and Financial Services segments, as well as the full-year impact of the Supply Chain segment.
Cost of goods sold for 2024 was $1,152,355,000, compared to $1,103,017,000 in 2023. Selling, general, and administrative expenses increased to $547,125,000 from $504,960,000 in the previous year.
The company reported a net income of $271,222,000 for 2024, up from $154,002,000 in 2023. This increase was driven by higher operating income and a significant income tax benefit.
Steel Partners recorded an income tax benefit of $53,255,000 in 2024, primarily due to the release of a valuation allowance on deferred tax assets related to Steel Connect.
Net income attributable to common unitholders was $261,562,000, compared to $150,829,000 in the previous year. Basic earnings per common unit were $13.07, up from $7.04 in 2023.
Cash provided by operating activities was $363,282,000, while cash used in investing and financing activities was $111,161,000 and $646,312,000, respectively.
Steel Partners had a working capital of $625,316,000 as of December 31, 2024. The company anticipates capital expenditures in the range of $34,000,000 to $44,000,000 in 2025.
The filing also details the Exchange Transaction with Steel Connect, which resulted in Steel Connect becoming a consolidated subsidiary of Steel Partners.
The company continues to focus on enhancing liquidity and operational efficiency across its segments, with a strategy that includes potential acquisitions and divestitures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Steel Partners Holdings LP LTD PARTNERSHIP UNIT annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.