Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year 2024 Financial Results
Alpha Pro Tech (NYSE: APT) reported its Q4 and full-year 2024 financial results, showing a 5.5% decline in annual net sales to $57.8 million from $61.2 million in 2023. Net income decreased 6.2% to $3.9 million ($0.35 per diluted share) from $4.2 million in 2023.
The company's Building Supply segment faced challenges with an 11% decrease to $36.0 million, affected by housing market weakness and increased competition. However, the Disposable Protective Apparel segment showed strength, increasing 5% to $21.9 million.
The company maintained a strong financial position with $18.6 million in cash and working capital of $47.5 million, with no debt. During 2024, APT repurchased 831,000 shares for $4.5 million. The gross profit margin improved to 39.6% in 2024 from 37.3% in 2023, though management warns of potential pressure from volatile ocean freight rates in 2025.
Alpha Pro Tech (NYSE: APT) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando un calo del 5,5% delle vendite nette annuali, scese a 57,8 milioni di dollari rispetto ai 61,2 milioni del 2023. Il reddito netto è diminuito del 6,2%, attestandosi a 3,9 milioni di dollari (0,35 dollari per azione diluita) rispetto ai 4,2 milioni del 2023.
Il segmento forniture per l'edilizia ha affrontato sfide con una diminuzione dell'11%, scendendo a 36,0 milioni di dollari, influenzato dalla debolezza del mercato immobiliare e dall'aumento della concorrenza. Tuttavia, il segmento abbigliamento protettivo usa e getta ha mostrato forza, aumentando del 5% a 21,9 milioni di dollari.
L'azienda ha mantenuto una solida posizione finanziaria con 18,6 milioni di dollari in contante e un capitale circolante di 47,5 milioni di dollari, senza debiti. Durante il 2024, APT ha riacquistato 831.000 azioni per 4,5 milioni di dollari. Il margine di profitto lordo è migliorato al 39,6% nel 2024 rispetto al 37,3% del 2023, anche se la direzione avverte di potenziali pressioni a causa della volatilità delle tariffe di spedizione marittima nel 2025.
Alpha Pro Tech (NYSE: APT) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando una disminución del 5.5% en las ventas netas anuales, que alcanzaron los 57.8 millones de dólares frente a los 61.2 millones en 2023. Los ingresos netos disminuyeron un 6.2% a 3.9 millones de dólares (0.35 dólares por acción diluida) desde 4.2 millones en 2023.
El segmento de Suministros de Construcción enfrentó desafíos con una disminución del 11% a 36.0 millones de dólares, afectado por la debilidad del mercado de la vivienda y el aumento de la competencia. Sin embargo, el segmento de Ropa Protectora Desechable mostró fortaleza, aumentando un 5% a 21.9 millones de dólares.
La empresa mantuvo una sólida posición financiera con 18.6 millones de dólares en efectivo y un capital de trabajo de 47.5 millones de dólares, sin deudas. Durante 2024, APT recompró 831,000 acciones por 4.5 millones de dólares. El margen de beneficio bruto mejoró al 39.6% en 2024 desde el 37.3% en 2023, aunque la dirección advierte sobre la posible presión de las tarifas de flete marítimo volátiles en 2025.
알파 프로 테크 (NYSE: APT)는 2024년 4분기 및 연간 재무 결과를 발표하며, 연간 순매출이 5.5% 감소하여 5780만 달러로 집계되었으며, 이는 2023년의 6120만 달러에서 줄어든 수치입니다. 순이익은 6.2% 감소하여 390만 달러(희석 주당 0.35달러)로, 2023년의 420만 달러에서 줄어들었습니다.
회사의 건축 자재 부문은 주택 시장의 약세와 경쟁 심화로 인해 11% 감소하여 3600만 달러에 이르렀습니다. 그러나 일회용 보호복 부문은 5% 증가하여 2190만 달러를 기록하며 강한 모습을 보였습니다.
회사는 1860만 달러의 현금과 4750만 달러의 운전자본을 보유하고 있으며, 부채는 없습니다. 2024년 동안 APT는 45만 달러에 831,000주를 재매입했습니다. 총 이익률은 2023년 37.3%에서 2024년 39.6%로 개선되었으나, 경영진은 2025년 변동성이 큰 해상 운임으로 인한 압박 가능성에 대해 경고하고 있습니다.
Alpha Pro Tech (NYSE: APT) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, montrant une baisse de 5,5 % des ventes nettes annuelles à 57,8 millions de dollars, contre 61,2 millions en 2023. Le revenu net a diminué de 6,2 % pour atteindre 3,9 millions de dollars (0,35 dollar par action diluée), contre 4,2 millions en 2023.
Le secteur des fournitures de construction a rencontré des défis avec une baisse de 11 % à 36,0 millions de dollars, affecté par la faiblesse du marché immobilier et la concurrence accrue. Cependant, le secteur des vêtements de protection jetables a montré une bonne performance, augmentant de 5 % à 21,9 millions de dollars.
L'entreprise a maintenu une solide position financière avec 18,6 millions de dollars en liquidités et un fonds de roulement de 47,5 millions de dollars, sans dettes. Au cours de l'année 2024, APT a racheté 831 000 actions pour 4,5 millions de dollars. La marge brute de profit s'est améliorée à 39,6 % en 2024, contre 37,3 % en 2023, bien que la direction avertisse d'une pression potentielle due à la volatilité des tarifs de fret maritime en 2025.
Alpha Pro Tech (NYSE: APT) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die einen Rückgang der jährlichen Nettoumsätze um 5,5 % auf 57,8 Millionen Dollar im Vergleich zu 61,2 Millionen Dollar im Jahr 2023 zeigen. Der Nettogewinn sank um 6,2 % auf 3,9 Millionen Dollar (0,35 Dollar pro verwässerter Aktie) im Vergleich zu 4,2 Millionen Dollar im Jahr 2023.
Der Bereich Baustellenbedarf sah sich Herausforderungen gegenüber, mit einem Rückgang von 11 % auf 36,0 Millionen Dollar, bedingt durch die Schwäche des Wohnungsmarktes und zunehmenden Wettbewerb. Der Bereich Einweg-Schutzkleidung hingegen zeigte Stärke und stieg um 5 % auf 21,9 Millionen Dollar.
Das Unternehmen hielt eine starke Finanzlage mit 18,6 Millionen Dollar in bar und einem Working Capital von 47,5 Millionen Dollar, ohne Schulden. Im Jahr 2024 erwarb APT 831.000 Aktien für 4,5 Millionen Dollar zurück. Die Bruttogewinnmarge verbesserte sich 2024 auf 39,6 % von 37,3 % im Jahr 2023, obwohl das Management vor möglichen Druck aufgrund volatiler Seefrachtpreise im Jahr 2025 warnt.
- Strong financial position with $18.6M cash and no debt
- Improved gross profit margin to 39.6% from 37.3%
- Disposable Protective Apparel segment sales increased 5% to $21.9M
- Active share repurchase program with $4.5M in buybacks during 2024
- Net sales declined 5.5% to $57.8M year-over-year
- Net income decreased 6.2% to $3.9M
- Building Supply segment sales dropped 11% to $36.0M
- Warning of potential margin pressure from volatile ocean freight rates in 2025
Insights
Alpha Pro Tech's 2024 financial results reveal a company navigating market headwinds with operational resilience. Despite a
The Building Supply segment (62% of revenue) faced challenges with an
The Disposable Protective Apparel segment grew
APT's financial position remains exceptionally strong with
The improved gross margin of
- Net sales for the year ended December 31, 2024 were
$57.8 million , down5.5% compared to$61.2 million for the year ended December 31, 2023 - Net income for the year ended December 31, 2024 was
$3.9 million , or$0.35 per diluted share, compared to$4.2 million , or$0.35 per diluted share, for the year ended December 31, 2023 - Cash of
$18.6 million and working capital of$47.5 million with no debt, as of December 31, 2024
NOGALES, Ariz., March 12, 2025 (GLOBE NEWSWIRE) -- Alpha Pro Tech, Ltd. (NYSE American: APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, today announced financial results for the three month period and full year, ended December 31, 2024.
Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “The housing market continues to show weakness, with housing starts down
Housewrap sales were encouraging through the first nine months of 2024, especially since the percentage decline of housing starts was higher than the percentage decline of housewrap sales of
Sales of synthetic roof underlayment, which were down double digits through the first nine months of 2024, ended the year down single digits. After hurricanes Helene and Milton, we saw a surge in synthetic roof underlayment orders in the fourth quarter of 2024 to assist in the southeast rebuild. Sales of this product line continue to be affected by uncertain economic conditions, more offshore competition and a push in the market to reduce product selling prices. We expect growth in 2025 in the synthetic roof underlayment category.
Despite the challenges faced in 2024, our efforts are now focused on builders and contractors and we are educating the industry on our extensive manufacturing capabilities which are expected to contribute to future growth. Our top fifteen accounts have increased sales compared to 2023, excluding one of our top accounts mentioned above. This is a testament to the hard work and commitment of our sales team. Late in the year, we added two Territory Mangers that will assist in strengthening relationships with our customers and driving new business.
Sales of other woven material decreased by
Management expects growth in the Building Supply segment in the coming year, as the projected number of housing starts in 2025 is expected to increase. However, there continues to be uncertainty in housing starts and the economy in general that could affect this segment.”
Mr. Hoffman continued, “Sales of disposable protective garments in 2024 were up approximately
2024 Results
Consolidated sales for the three months ended December 31, 2024 decreased to
Building Supply segment sales for the three months ended December 31, 2024, decreased by
Disposable Protective Apparel segment sales for the three months ended December 31, 2024 decreased by
Consolidated sales for the year ended December 31, 2024, decreased to
Building Supply segment sales for the year ended December 31, 2024, decreased by
Disposable Protective Apparel segment sales for the year ended December 31, 2024, increased by
Gross Profit
Gross profit decreased by
Gross profit increased by
The gross profit margin in 2024 was positively affected by a margin increase in both the Disposable Protective Apparel and Building Supply segments. However, management expects that the gross profit margin could be negatively affected during 2025 by ocean freight rates that experienced significant volatility in 2024, due to factors such as geopolitical tensions, labor disputes and market dynamics. As we progress into next year, the outlook suggests continued volatility and unpredictability in freight rates.
Net Income
Net income for the three months ended December 31, 2024 was
Net income for the year ended December 31, 2024, was
Balance Sheet
As of December 31, 2024, the Company had cash of
Colleen McDonald, Chief Financial Officer, commented, “As of December 31, 2024, we had
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. Alpha Pro Tech, Inc. develops, manufactures and markets innovative disposable and limited-use protective apparel products for the industrial, clean room, medical and dental markets. Alpha ProTech Engineered Products, Inc. manufactures and markets a line of construction weatherization products, including building wrap and roof underlayment. The Company has manufacturing facilities in Nogales, Arizona , Valdosta, Georgia; and a joint venture in India. For more information and copies of all news releases and financials, visit Alpha Pro Tech’s website at http://www.alphaprotech.com.
Certain statements made in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that may predict, forecast, indicate or imply future results, performance or achievements instead of historical facts and may be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potentially,” “may,” “continue,” “should,” “will” and words of similar meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, expectations regarding order volume, timing of fulfillment of orders, production capacity and our plans to ramp up production and expand capacity, product demand, availability of raw materials and supply chain access, margins, costs, expenditures, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are only estimates based on current information and involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. We cannot give assurances that any such statements will prove to be correct. Factors that could cause actual results to differ materially from those estimated by us include the risks, uncertainties and assumptions described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Specifically, these factors include, but are not limited to, our exposure to foreign currency exchange risks related to our unconsolidated affiliate operations in India; potential failure to remediate the material weakness in our internal controls; our partnership with a joint venture partner; the loss of any major customer or a reduction in order volume by our customers; the inability of our suppliers and contractors to meet our requirements; potential challenges related to international manufacturing; the inability to protect our intellectual property; competition in our industry; customer preferences; the timing and market acceptance of new product offerings; changes in global economic conditions; security breaches or disruptions to the information technology infrastructure; risks related to climate change and natural disasters or other events beyond our control; the effects of tariff policies and potential countermeasure; potential liabilities from environmental laws and regulations; uncertainties with respect to the development, deployment, and use of artificial intelligence; the impact of legal and regulatory proceedings or compliance challenges; and volatility in our common stock price and our investments. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release. Given these uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
| Company Contact: | Investor Relations Contact: |
| Alpha Pro Tech, Ltd. | HIR Holdings |
| Donna Millar | Cameron Donahue |
| 905-479-0654 | 651-707-3532 |
| e-mail:ir@alphaprotech.com | e-mail:cameron@hirholdings.com |
| Consolidated Balance Sheets | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 18,636,000 | $ | 20,378,000 | |||
| Accounts receivable, net | 3,692,000 | 5,503,000 | |||||
| Accounts receivable, related party | 1,202,000 | 1,042,000 | |||||
| Inventories, net | 22,733,000 | 20,131,000 | |||||
| Prepaid expenses | 4,376,000 | 6,010,000 | |||||
| Total current assets | 50,639,000 | 53,064,000 | |||||
| Property and equipment, net | 8,520,000 | 5,587,000 | |||||
| Goodwill | 55,000 | 55,000 | |||||
| Right-of-use assets | 8,714,000 | 4,810,000 | |||||
| Equity investment in unconsolidated affiliate | 5,814,000 | 5,247,000 | |||||
| Total assets | $ | 73,742,000 | $ | 68,763,000 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,283,000 | $ | 802,000 | |||
| Accrued liabilities | 947,000 | 1,103,000 | |||||
| Lease liabilities | 893,000 | 661,000 | |||||
| Total current liabilities | 3,123,000 | 2,566,000 | |||||
| Lease liabilities, net of current portion | 7,882,000 | 4,187,000 | |||||
| Deferred income tax liabilities, net | 503,000 | 442,000 | |||||
| Total liabilities | 11,508,000 | 7,195,000 | |||||
| Commitments and contingencies | |||||||
| Shareholders' equity: | |||||||
| Common stock, $.01 par value: 50,000,000 shares authorized; 10,816,878 and 11,416,212 shares outstanding as of December 31, 2024 and December 31, 2023, respectively | 108,000 | 114,000 | |||||
| Additional paid-in capital | 16,368,000 | 16,339,000 | |||||
| Retained earnings | 47,257,000 | 46,552,000 | |||||
| Accumulated other comprehensive loss | (1,499,000) | (1,437,000) | |||||
| Total shareholders' equity | 62,234,000 | 61,568,000 | |||||
| Total liabilities and shareholders' equity | $ | 73,742,000 | $ | 68,763,000 | |||
| Consolidated Statements of Income | |||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net sales | $ | 13,817,000 | $ | 15,265,000 | $ | 57,840,000 | $ | 61,232,000 | |||||
| Cost of goods sold, excluding depreciation and amortization | 8,627,000 | 9,559,000 | 34,907,000 | 38,403,000 | |||||||||
| Gross profit | 5,190,000 | 5,706,000 | 22,933,000 | 22,829,000 | |||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative | 4,377,000 | 4,497,000 | 18,611,000 | 17,772,000 | |||||||||
| Depreciation and amortization | 139,000 | 238,000 | 873,000 | 925,000 | |||||||||
| Total operating expenses | 4,516,000 | 4,735,000 | 19,484,000 | 18,697,000 | |||||||||
| Income from operations | 674,000 | 971,000 | 3,449,000 | 4,132,000 | |||||||||
| Other income: | |||||||||||||
| Equity in income of unconsolidated affiliate | 194,000 | 85,000 | 629,000 | 477,000 | |||||||||
| Gain on sale of property and equipment | - | - | 30,000 | - | |||||||||
| Interest income, net | 212,000 | 267,000 | 912,000 | 816,000 | |||||||||
| Total other income, net | 406,000 | 352,000 | 1,571,000 | 1,293,000 | |||||||||
| Income before provision for income taxes | 1,080,000 | 1,323,000 | 5,020,000 | 5,425,000 | |||||||||
| Provision for income taxes | 233,000 | 262,000 | 1,091,000 | 1,236,000 | |||||||||
| Net income | $ | 847,000 | $ | 1,061,000 | $ | 3,929,000 | $ | 4,189,000 | |||||
| Basic earnings per common share | $ | 0.08 | $ | 0.09 | $ | 0.35 | $ | 0.35 | |||||
| Diluted earnings per common share | $ | 0.08 | $ | 0.09 | $ | 0.35 | $ | 0.35 | |||||
FAQ
What caused Alpha Pro Tech's (APT) revenue decline in 2024?
How much did Alpha Pro Tech (APT) spend on share buybacks in 2024?
What was APT's performance in the Disposable Protective Apparel segment for 2024?
How did Alpha Pro Tech's (APT) gross profit margin change in 2024?
