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Hawkins (Nasdaq: HWKN) announced its fourth quarter and full fiscal year 2024 results. Q4 sales were $223.0 million, down 2% year-over-year, but gross profit rose by 27% to $45.5 million. Q4 diluted EPS hit a record $0.66, a 20% increase. Annual sales dipped 2% to $919.2 million, with Water Treatment up 19%. Gross profit reached a record $193.6 million, up 17%.
The company achieved a record diluted EPS of $3.59 for the year, and adjusted EBITDA increased 20% to $143.0 million. Hawkins also reported record operating cash flow of $159.5 million, enabling $21 million in debt repayment. Four acquisitions were completed in the Water Treatment segment, now the company's largest revenue generator. Dividends increased by 11% to $0.63 per share.
CEO Patrick H. Hawkins attributed the performance to strong cash flow, disciplined margin management, and strategic acquisitions. Looking to fiscal 2025, Hawkins anticipates top-line revenue near $1 billion, continued growth in Water Treatment, and improved performance in Health and Nutrition.
The Board of Directors of Hawkins has declared a quarterly cash dividend of $0.16 per share, payable on June 14, 2024, to shareholders of record as of May 31, 2024. Hawkins, a specialty chemical and ingredients company, has consistently issued dividends since 1985. Founded in 1938, the company operates in the Industrial, Water Treatment, and Health & Nutrition sectors, boasting 59 facilities across 26 states. In fiscal 2023, Hawkins reported revenues of $935 million and employs around 950 people.
Hawkins, Inc. (Nasdaq: HWKN), a specialty chemical company, will participate in the Wells Fargo Industrials Conference on June 11, 2024, in Chicago. The conference will feature fireside chats and one-on-one meetings, with Hawkins management engaging on June 11th.
Hawkins, Inc. (Nasdaq: HWKN) will reveal its financial results for the fourth quarter and fiscal year ending March 31, 2024, on May 15, 2024, after the market closes. The announcement is scheduled for 4:10 p.m. Eastern Time.
