Record-Breaking Financial Performance
Fourth quarter and full year 2024 saw record non-GAAP earnings per share and operating margins. Annual free cash flow was over $1.1 billion, with a very low leverage despite $1.1 billion of capital deployment.
Micropac Acquisition and Excelitas Expansion
Successfully closed the Micropac acquisition and expect Excelitas carve-out to be completed in Q1 2025, indicating strategic growth in business portfolio.
Growth in Instrumentation Segment
Fourth quarter sales in the Instrumentation segment increased by 10.1%, with marine instruments growing 21.1% and environmental instruments by 1.7%.
Positive Book-to-Bill Ratio
Overall company book-to-bill ratio was 1.04, with particularly strong numbers in the marine business at 1.23.
Strong Free Cash Flow and Financial Flexibility
Free cash flow for 2024 was $1.11 billion, with a healthy M&A pipeline and high balance sheet capacity.