Record Performance in Solutions Segment
The Solutions segment delivered record annual performance, showing strong growth and an impressive top and bottom-line growth for the year.
Cost Savings Program Success
The 2024 cost savings program exceeded expectations, producing pre-tax savings of more than $10 million, and is expected to continue driving savings in 2025.
Improved Margins Across Metrics
Consolidated results improved across all metrics with gross margin increasing by 220 basis points to 25.8% and adjusted EBITDA margins increasing by 200 basis points to approximately 14%.
Strong Municipal Backlog
Total backlog at the end of 2024 was $348 million, with strong municipal bookings contributing to an increase of $52 million.
Positive Financial Position and Liquidity
The company reported strong cash generation with free cash flow increasing by $31.4 million to $33.3 million, and a deleveraged position to 2.4x.