National Presto Industries Reports 14% Revenue Growth to $384.8 Million for Fiscal Year 2024

National Presto Industries, Inc. reported a consolidated revenue of $384.8 million for the fiscal year ending December 31, 2024, marking a 14% increase from $337.5 million in 2023. The company's net earnings rose to $41.5 million, a 20% increase compared to $34.6 million in the previous year. The gross profit also saw an uptick, increasing by 17% to $122.8 million, driven primarily by improved sales in the Defense segment, which accounted for $284 million in sales, an 18% increase from the prior year. The Housewares/Small Appliance segment contributed $102.8 million, reflecting a 5% growth.

The financial performance of National Presto was bolstered by significant changes in its Defense segment, which saw a substantial increase in units shipped. The Housewares/Small Appliance segment, while growing, faced challenges with a decrease in sales from major customers, including Amazon, which accounted for 10% of consolidated net sales in 2024, down from 11% in 2023. The company noted that the loss of Amazon as a customer could have a material adverse effect on its operations.

Strategically, National Presto has been active in expanding its Defense segment, with a contract backlog of approximately $1.1 billion as of December 31, 2024, up from $564 million in 2023. This backlog is expected to be fulfilled over the next 18 to 42 months. The company also made a significant investment in a new 507,000 square foot facility in Nettleton, Mississippi, aimed at enhancing its warehousing and distribution capabilities for the Housewares/Small Appliance segment.

Operationally, the company increased its employee headcount to 1,126 as of December 31, 2024, up from 1,007 in the previous year. This increase reflects the company's ongoing efforts to support its expanding operations, particularly in the Defense segment. The Safety segment, which includes startups like OneEvent Technologies and Rely Innovations, continues to develop innovative safety technology, although it has not yet achieved significant revenue.

Looking ahead, National Presto Industries anticipates continued growth driven by its Defense contracts and potential acquisitions that align with its business segments. The company plans to maintain its investment strategy focused on safety and liquidity while navigating challenges such as rising material costs and supply chain disruptions. The management remains optimistic about the future, emphasizing the importance of adapting to market conditions and consumer demands.