Cadre Holdings, Inc. (NYSE: CDRE) is a Jacksonville, Florida-based manufacturer and distributor of safety equipment, primarily serving law enforcement, first responders, military, and nuclear markets. The company reported a notable rise in performance for the fourth quarter and the full year 2024.

For Q4 2024, Cadre recorded net sales of $176 million, a 41.4% increase from $124.6 million in Q4 2023. For the full year, net sales reached $567.6 million, up 18% from $482.5 million in the prior year. Gross margins improved to 43.9% in Q4 2024 from 39.9% in Q4 2023 and stood at 41.1% for the full year versus 41.6% in 2023.

Net income for Q4 2024 was $13 million, translating to $0.32 per diluted share, compared to $9.6 million or $0.25 per diluted share in the same quarter of 2023. For the full year, net income was reported at $36.1 million, or $0.90 per diluted share, marking a decline from $38.6 million, or $1.02 per diluted share, in 2023.

Adjusted EBITDA for the fourth quarter was $38.5 million, a significant increase from $20.7 million year over year, with adjusted EBITDA margin at 21.9%, up from 16.6% in the prior-year quarter. The full year adjusted EBITDA amounted to $104.8 million, a 22% improvement from $85.8 million, with an adjusted EBITDA margin of 18.5%, compared to 17.8% in the previous year.

Cadre also declared a quarterly cash dividend of $0.095 per share in January 2025, reflecting an increase of 8.6% from the previous annualized dividend. The company’s financial flexibility has been bolstered by a new credit facility totaling $590 million, enhancing its capacity for organic growth and acquisition activities.

Looking ahead, Cadre expects full-year 2025 net sales between $572 million and $601 million and adjusted EBITDA between $105 million and $115 million. This guidance includes estimated organic revenue growth of approximately 2% at the midpoint. Cadre’s guidance does not account for any impact from recent U.S. tariffs or the forthcoming acquisition of the Engineering Division from Carr’s Group, which is anticipated to complete by mid-2025.

Overall, the recent financial performance indicates a strong upward trajectory for Cadre, with significant growth in sales and profitability metrics compared to the prior year.