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Steel Partners Holdings L.P. reports developments for a diversified global holding company identified with the SPLP symbol on OTCQX. Recurring updates cover operating and financial results, limited-partner voting matters, board and governance actions at its general partner, and capital-structure activity under its limited partnership agreement.
Company news also includes preferred-unit distributions and redemptions, actions affecting common units, and initiatives across its family of companies. Steel Sports, a wholly owned subsidiary, appears in updates about youth-sports programs, advisory board appointments, and its values-based Steel Coaching System - The Lasorda Way.
Steel Partners Holdings (NYSE: SPLP) has reported strong financial results for Q4 and full year 2024. Q4 revenue increased 6.6% to $497.9 million, with net income surging 74.7% to $74.6 million ($3.40 per diluted unit). Q4 Adjusted EBITDA reached $84.7 million with a 17.0% margin.
Full year 2024 showed impressive growth with revenue reaching $2.0 billion (up 6.4%), and net income climbing 76.1% to $271.2 million ($11.38 per diluted unit). The company achieved Adjusted EBITDA of $303.0 million with a 14.9% margin. Net cash from operations was $363.3 million.
The growth was primarily driven by strong performance in diversified industrial and financial services segments. Total debt decreased to $119.7 million, with net cash position of $62.2 million. The company maintains strong liquidity with $470.0 million available under its credit agreement and $263.4 million in cash and cash equivalents, excluding WebBank cash.
Steel Partners Holdings (NYSE: SPLP) has announced a quarterly cash distribution of $0.375 per unit on its 6% Series A Preferred Units. The distribution will be payable on March 15, 2025, to unitholders of record as of March 1, 2025.
The company's board of directors maintains discretion over future distributions, including decisions about payment methods (cash, in-kind, or combination). These decisions will be influenced by various factors, including operational results, cash flows, financial position, and capital requirements.
Steel Partners Holdings reported strong Q3 2024 financial results with revenue increasing 5.7% to $520.4 million and net income rising 32.2% to $36.9 million compared to the same period last year. The company's Adjusted EBITDA reached $76.0 million with a 14.6% margin. Year-to-date performance showed revenue of $1.5 billion, up 6.4%, and net income of $196.6 million, a 76.6% increase. The Financial Services segment delivered increased profits, while the Diversified Industrial segment saw significant growth in net sales. Total debt decreased to $120.2 million, and the company maintained strong liquidity with $246 million in cash and cash equivalents.
Steel Partners Holdings (NYSE: SPLP) has announced a regular quarterly cash distribution of $.375 per unit on its 6% Series A Preferred Units. The distribution will be payable on December 15, 2024, to unitholders of record as of December 1, 2024. Future distributions will remain at the board's discretion, considering factors such as operations results, cash flows, financial position, and capital requirements.
The Superior Court of New Jersey has dismissed an age discrimination lawsuit against Steel Partners Holdings L.P. (NYSE: SPLP) filed by former assistant general counsel Michael MacManus. The dismissal came after a court hearing on August 29, 2024, regarding the Company's motion for summary judgment. MacManus, who resigned in 2020, had filed the lawsuit in 2021. Steel Partners, a diversified global holding company, operates in various industries including industrial products, energy, defense, supply chain management, banking, and youth sports.
Steel Partners Holdings L.P. (NYSE: SPLP) reported strong financial results for Q2 2024. Revenue increased 6.4% to $533.2 million, while net income surged 113.2% to $124.9 million. The company's performance was driven by improved results in its Diversified Industrial, Financial Services, and Supply Chain segments. Key highlights include:
- Net income attributable to common unitholders: $116.3 million ($4.85 per diluted unit)
- Adjusted EBITDA: $83.8 million (15.7% margin)
- Net cash provided by operating activities: $69.0 million
- Total debt reduced to $78.7 million
- Net cash position of $53.7 million
The company also recorded a $71.5 million non-cash tax benefit due to the release of a portion of Steel Connect's valuation allowance for deferred tax assets. Steel Partners continues to focus on capital allocation, generating free cash flow, and reducing debt.
WebBank, a subsidiary of Steel Partners Holdings (NYSE: SPLP), has been named one of the 2024 Best Places to Work in Financial Technology. This marks the second year in a row that WebBank has earned this recognition, ranking ninth among forty companies. The awards, managed by Arizent and Best Companies Group, highlight excellence in workplace culture in the fintech industry. WebBank's leadership attributes this achievement to their focus on innovation and an empowering work environment. Despite challenges in the fintech sector, the recognition underscores WebBank's commitment to creating jobs and fostering a positive workplace. The 2024 list was published on May 6, 2024.
Steel Partners Holdings reported strong first-quarter financial results with revenue of $476.3 million, up by 7.0% YoY, and net income of $34.8 million, a 40.3% increase. Adjusted EBITDA was $58.6 million with a margin of 12.3%. The company focused on managing inflation and reducing expenses, especially in SG&A. Revenue growth was driven by the Supply Chain and Financial Services segments, offset by declines in Energy and Diversified Industrial segments.
Steel Partners Holdings L.P. declared a regular quarterly cash distribution of $.375 per unit on its 6% Series A Preferred Units, payable on June 15, 2024. The distribution is subject to the discretion of the board of directors based on various factors.
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