Steel Partners Holdings LP (SPLP) saw its stock surge by an impressive 13.16% on November 11th, following the release of its third-quarter 2024 financial results. The diversified industrial company delivered a strong performance, driven by significant earnings growth, robust revenue contributions across major segments, and strategic initiatives aimed at enhancing profitability and shareholder value.
In the third quarter, Steel Partners reported a 44.7% year-over-year increase in earnings per diluted common unit to $1.65, surpassing analyst expectations. The company's total quarterly revenues grew by 5.7% to $520.4 million, fueled by solid growth in the Diversified Industrial, Financial Services, and Supply Chain segments.
One of the key drivers behind Steel Partners' impressive performance was the substantial improvement in profitability metrics. The company's adjusted EBITDA soared by 70.8% to $76 million, with the adjusted EBITDA margin expanding from 9% to 14.6%. This remarkable increase was underpinned by higher profitability in the Financial Services and Diversified Industrial segments, coupled with lower provisions for credit losses.
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