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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 L.P. (NYSE: SPLP) released its annual letter from Executive Chairman Warren Lichtenstein, detailing the Company's 2020 financial results, highlights from its holdings, and future strategies. The letter emphasizes the Company’s diversified interests across multiple sectors, including industrial products, energy, and banking. It also addresses forward-looking statements regarding SPLP's expectations, risks related to COVID-19, financial reporting, and market volatility. Investors are advised to review the risk factors affecting SPLP's performance as outlined in their SEC filings.
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Steel Partners Holdings L.P. (NYSE: SPLP) reported its Q4 and FY 2020 operating results, revealing a revenue decline to $338.7 million in Q4 2020 from $346.7 million in Q4 2019, and total FY revenue at $1.31 billion, down from $1.46 billion the previous year. Despite challenges, the company achieved net income from continuing operations of $94.2 million in Q4 and $83.5 million for FY 2020, showcasing improved EBITDA margins of 19.8%. The Executive Chairman highlighted cost reductions and operational improvements, leading to increased cash flow despite lower revenues.
Steel Partners Holdings L.P. (NYSE: SPLP) has appointed Rory Yanchek as the new President of MTI. Warren Lichtenstein, Executive Chairman, expressed confidence in Rory's leadership abilities, citing his extensive experience at 3M, where he held senior roles including Vice President of the Government business. Rory aims to continue MTI's legacy of growth and exceptional customer value. He holds an MBA from the University of St. Thomas and a bachelor's degree from East Stroudsburg University, along with serving in the United States Army.
Steel Partners Holdings L.P. (NYSE: SPLP) has declared a regular quarterly cash distribution of $0.375 per unit, scheduled for March 15, 2021, to unitholders on record as of March 1, 2021, for its 6% Series A Preferred Units. Future distribution payments will be determined by the board of directors based on various factors including operational results, cash flow, financial position, and capital requirements.
Steel Partners Holdings L.P. (NYSE: SPLP) released a letter from Executive Chairman Warren Lichtenstein commemorating the late Tommy Lasorda, a long-time member of the Steel Sports Advisory Board. Lasorda played a crucial role in establishing Steel Sports, promoting youth development through character building and self-confidence. His legacy includes inspiring countless children and sharing his wisdom to encourage them. The letter reflects on his contributions and can be accessed on the company's website.
Steel Partners Holdings LP (NYSE: SPLP) announced the appointment of Jason Lloyd as the new President of WebBank, succeeding Kelly Barnett. Lloyd, who joined WebBank in 2008, previously served as Executive Vice President of Business Development and played a key role in the bank's strategy. Executive Chairman Jack Howard highlighted Lloyd's leadership qualities and commitment to stakeholder value. Barnett's nine-year tenure set a solid foundation for the bank's growth. WebBank is a FDIC insured industrial bank offering customized financing solutions.
Steel Partners Holdings L.P. (SPLP) reported Q3 2020 revenues of $330 million, down 11.1% from Q3 2019. Year-to-date revenue fell 12.5% to $973 million, driven by COVID-19's impact. Net income from continuing operations rose to $37.4 million, up 57.5% year-over-year, while adjusted EBITDA increased to $73.3 million, with a margin of 22.2%. Cost-cutting measures included salary reductions and hiring freezes. Liquidity stood at $254.4 million, with total debt reduced to $302.7 million. The Company continues to manage the ongoing pandemic's challenges.
Steel Sports, focusing on youth development, partnered with Carrot Group to offer character development training at esports tournaments. On October 5, nearly 100 students from Downey and Warren High Schools received coaching from Steve Jones, emphasizing teamwork, respect, integrity, and commitment. The initiative highlights the synergy between esports and STEAM education. Winners of the tournament will experience a prize provided by Aerojet Rocketdyne, showcasing Steel Partners' diverse portfolio. Steel Sports aims to inspire over 100,000 young athletes annually.