INNOVATE Corp. reports Q4 EPS ($1.29) vs ($1.22) last year

Reports Q4 revenue $236.6M vs. $361M last year…Reports DBM Global grew gross margin to 18.2% in the fourth quarter, an expansion of approximately 180 basis points year-over-year, while Adjusted EBITDA margin decreased to 7.7% in the fourth quarter, a reduction of approximately 80 basis points year-over-year.DBM Global’s reported backlog and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.0B and $1.1B , respectively, as of December 31 compared to reported and adjusted backlog of $1.1B and $1.2B respectively, as of December 31, 2023. Subsequent to year end, DBM has added over $500 million to adjusted backlog across our companies and we remain optimistic on the pipeline.”We delivered fourth quarter and full year 2024 results largely in-line with our expectations,” stated Paul Voigt, INNOVATE’s Interim CEO. “We are pleased with the DBM team’s disciplined execution, which has resulted in robust margins for 2024 and positioned the business favorably to secure quality projects in 2025. At Life Sciences, FDA approval for MediBeacon’s TGFR is a major milestone that we have been anticipating for some time. In addition, two high profile peer-reviewed kidney journals published results from MediBeacon’s clinical trials supporting TGFR effectiveness and reinforcing the large unmet medical need. R2 Technologies delivered another strong quarter and expanded its market reach into several new countries. Broadcasting achieved outstanding financial results driven by new quality networks added throughout the year and its fixed cost structure. Lastly, we reduced our total debt by $54.5 million, which is a significant improvement year-over-year.”