WINNIPEG, MB, Feb. 27, 2025 - Winpak Ltd. (WPK) today reports consolidated results in US dollars for the fourth quarter of 2024, which ended on December 29, 2024.
Winpak Ltd. manufactures and distributes high-quality packaging materials and related packaging machines. The Company's products are used primarily for the packaging of perishable foods, beverages and in healthcare applications.
Financial Performance
Net income attributable to equity holders of the Company (Earnings) for the fourth quarter of 2024 of $36.6 million increased by 5.1 percent from the $34.8 million recorded in the corresponding quarter in 2023. The improvement in gross profit was a key factor, elevating Earnings by $9.0 million. Conversely, higher operating expenses led to a contraction in Earnings of $2.4 million. In addition, foreign exchange lowered Earnings by $1.9 million. Furthermore, income taxes subtracted $1.1 million from Earnings. In combination, all other factors reduced Earnings by $1.8 million.
For the year ended December 29, 2024, Earnings advanced by 0.9 percent to $149.5 million from the comparable 2023 result of $148.1 million. The sizeable expansion in gross profit enhanced Earnings by $20.7 million. Operating expenses reduced Earnings by $10.8 million. Additionally, foreign exchange and income taxes dampened Earnings by $4.3 million and $3.4 million, respectively. In total, all remaining items lowered Earnings by $0.9 million.
The fiscal year of the Company ends on the last Sunday of the calendar year and is usually 52 weeks in duration. However, the 2023 fiscal year consisted of 53 weeks, with the first quarter comprising 14 weeks, one more week than the current year. The additional week included in the 2023 first quarter was essentially the last week of the 2022 calendar year which contained several statutory holidays. Consequently, it is estimated that this additional week contributed 1.5 percent to 2023 sales volumes and net income results.
Source: Winpak
