National Presto Industries (NPK) stock surged 5.06% in Tuesday's intraday trading session, following the company's release of its fiscal 2024 annual results. The strong performance was fueled by impressive earnings growth and an optimistic outlook for continued expansion.
For the year ended December 31, 2024, NPK reported a 20% increase in net earnings to $41.5 million, driven by a 13.9% rise in net sales to $388.2 million. The Defense segment was a key growth driver, with revenue jumping 17.5% as the company accelerated shipments from its substantial backlog, which now exceeds $1 billion.
The Housewares/Small Appliance segment also contributed positively, posting a 5.3% revenue increase due to improved retail conditions and better product distribution. Furthermore, the company achieved certification for its smoke alarms in January 2025, paving the way for potential growth in the Safety segment.
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