Executive Summary

Q4 2024 delivered modest sequential growth but remained below prior year: revenue $26.97M (−4.2% YoY, +8.4% QoQ) and EPS $0.46 (−4.2% YoY), with full-year revenue $101.68M (−8.8% YoY) and EPS $1.78 (−13.6% YoY) .
Management attributed softness to lower unit volumes amid a decline in housing starts; FY net income was also pressured by higher salary-related expenses and travel .
Cost headwinds included lower absorption of factory labor/overhead and higher overhead from newly leased facilities in earlier quarters, partly offset by lower raw material costs .
The Board maintained the regular quarterly dividend at $0.34 per share in December 2024 (and again in March 2025), signaling capital return stability despite softer demand .
Wall Street consensus estimates (S&P Global) were unavailable at the time of analysis; thus, we cannot quantify a beat/miss vs consensus for Q4 2024.*

What Went Well and What Went Wrong

Sequential revenue growth: Q4 sales rose to $26.97M from $24.88M in Q3 (+8.4% QoQ), with EPS steady at $0.46, indicating stabilization into year-end .
Cost mitigants earlier in 2024: lower raw material costs and reduced product liability expenses, marketing commissions, and freight helped offset weaker volumes in Q2 .
Capital return consistency: the company maintained a $0.34 quarterly dividend through Q4 (Dec 2024) and into Q1 2025 (Mar 2025), underscoring balance sheet resilience and cash discipline .

Demand headwinds: Q4 revenue fell 4.2% YoY due to lower unit volumes tied to a decline in housing starts; FY 2024 sales declined 8.8% YoY .
Margin pressures from operating structure: earlier quarters cited lower absorption of factory labor/overhead and higher overhead from newly leased facilities, which weighed on profitability .
Elevated expenses: FY 2024 net income declined 13.2% YoY due to the sales decline plus higher salary-related expenses and travel .

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$24.62	$24.88	$26.97
Net Income ($USD Millions)	$4.50	$4.62	$4.68
EPS ($USD)	$0.45	$0.46	$0.46
Net Income Margin (%)	18.3%	18.6%	17.4%

Notes:

No segment or KPI breakdowns were provided in the press releases reviewed .

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue, Margins, OpEx, etc.)	FY 2025 / Near term	None provided	None provided	N/A
Regular Quarterly Dividend	Payable Jan 7, 2025	$0.34 per share	$0.34 per share	Maintained
Regular Quarterly Dividend	Payable Apr 22, 2025	$0.34 per share	$0.34 per share	Maintained

The company did not issue quantitative revenue or margin guidance in the materials reviewed .

(Company did not provide a call transcript; themes captured from press releases.)

Topic	Previous Mentions (Q2–Q3 2024)	Current Period (Q4 2024)	Trend
Macro/Housing	Q2: sales down due to lower unit volumes amid decline in housing starts; Q3: similar unit/volume pressures noted	Q4: continued lower unit volumes as housing starts suppressed	Persistent headwind
Cost Structure/Overhead	Q3: lower absorption of factory labor/overhead; higher overhead from newly leased facilities	Q4: higher salary-related expenses and travel pressured earnings	Ongoing pressure
Raw Materials	Q2: lower raw material costs mitigated impact	Q4: no explicit update	Mitigation earlier; trend unclear
Product Liability/Other OpEx	Q2: lower product liability reserves/expenses; lower marketing commissions and freight	Q4: not highlighted	Easing earlier; neutral now
Capital Returns	Dividend policy maintained at $0.34/share in Q4 and Q1 2025	Dividend maintained	Stable

“Net Sales for the fourth quarter of 2024 were 4.2% lower than during the same period in 2023. The decrease in net sales was mainly due to lower sales unit volumes as the overall market continued to be suppressed because of, among other factors, a decline in housing starts.”
“The Company’s net income for 2024 was $18,014,000… The decrease in net income for 2024 is mainly due to the decrease in net sales, higher salary related expenses and travel.”
Q3 context on operating leverage: “The decrease in net income is mainly due to the decrease in net sales and a related decrease in production, which resulted in lower absorption of factory labor and overhead costs. Higher overhead expenses, mainly due to newly leased facilities, also contributed… lower raw material costs were among the factors mitigating the decrease.”
Q2 cost offsets: “Factors partially offsetting… include lower raw material costs; lower executive incentive and stock based compensation; lower product liability reserves and expenses; lower marketing commissions and freight; lower provision for income taxes; and higher interest income.”

No Q4 2024 earnings call transcript was available in the documents reviewed; no analyst Q&A or additional guidance clarifications to report [List shows no transcript: 0 results for earnings-call-transcript in period].

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was not retrievable at the time of analysis due to access limits; as a result, we cannot determine beat/miss vs consensus for this quarter.*
Given the absence of published guidance and unavailable consensus, near-term sell-side models may focus on volume recovery tied to housing starts and the pace of overhead normalization .

*Values retrieved from S&P Global.

Demand remained subdued YoY due to housing-starts-driven volume declines, but Q4 showed sequential revenue improvement and stable EPS, suggesting stabilization into year-end .
Operating leverage remains the swing factor: earlier quarters highlighted lower factory absorption and higher overhead from newly leased facilities; watch for utilization improvements to lift margins as volumes recover .
Cost tailwinds helped in mid-2024 (raw materials, lower product liability expenses), but Q4 cited higher salary and travel; net margin in Q4 was ~17.4% vs ~18.6% in Q3 .
The dividend at $0.34/share was maintained in Q4 and again in Q1 2025, indicating ongoing confidence in cash generation despite softer sales .
Catalysts: any rebound in housing starts/permit activity, evidence of overhead normalization and improved absorption, and continued cost discipline could drive EPS leverage .
Risk skew: prolonged weakness in residential end-markets and sticky overhead costs could cap margin recovery; limited disclosure (no guidance/segments) means investors must rely on macro proxies and quarterly print trajectory .
Near-term positioning: with sequential stabilization, updates on demand cadence and cost structure are key; absent consensus data, focus on YoY improvement trajectory and dividend sustainability signals .