Fiscal Fourth Quarter 2024
Net sales for the fourth quarter were $2.53 billion, a decrease of 7.4% as compared to the fourth quarter of fiscal 2023.
Consolidated gross profit margin for the fourth quarter was 15.8%, a 140 basis point improvement over the comparable prior-year period, aided in part by a favorable LIFO inventory adjustment due to reductions in inventory levels as well as an improved warranty cost percentage.
Earnings per share for the fourth quarter were flat to the prior year at $1.68 per diluted share.
During the fourth quarter, the Company repurchased 266,367 shares of common stock totaling $25.4 million.
Fiscal Year 2024
Net sales for fiscal 2024 were $10.04 billion, a decrease of 9.7% compared to fiscal 2023.
Earnings per share for fiscal 2024 were $4.94 per diluted share, a decrease of 28.9% as compared to $6.95 per diluted share in the prior fiscal year but ahead of the Company’s most recently issued guidance.
The Company made principal payments of approximately $213.0 million on its term loans subsequent to its refinancing in November 2023.
During fiscal 2024, the Company repurchased 720,997 shares of common stock totaling $68.4 million.
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