Improved Operational Efficiencies
The Simplify to Accelerate Now initiatives delivered $10 million in annualized savings in 2024, improving cost structure and overall agility, with an additional $6 million to $7 million in savings targeted for 2025.
Positive Order Momentum
Orders increased 15% sequentially, resulting in a book-to-bill ratio of nearly one, driven by demand in power quality and defense.
Successful Acquisition and Debt Reduction
The acquisition of SNC was successful, adding capabilities to the power technology pillar. Total debt was reduced by $16 million over the year.
Aerospace and Defense Growth
Aerospace and defense sales increased 20% due to the timing of certain defense and space programs, indicating promising future opportunities.
Strong Cash Flow and Improved Cash Position
Generated nearly $42 million in operating cash flow, ending the year with $36 million in cash, up 13% from previous levels.
Data Center Expansion Opportunities
Anticipated continued strength in data center expansion, aligning with long-term macro trends, supporting emerging growth opportunities.