Mar. 17 at 9:23 PM
$KFS Kingsway Financial reports FY24 adjusted EBITDA
$10.6M vs.
$9.1M last year
Reports FY24 revenue
$109.4M vs.
$103.2M last year. John T. Fitzgerald, CEO, said, "Our fourth quarter and full year 2024 financial results are in line with our expectations. Adjusted EBITDA improved consistently across both of our operating segments over the past several quarters, underscoring the strength of our strategy and the effectiveness of operational execution. The addition of Image Solutions in September further expanded our portfolio of profitable, asset-light businesses, providing an additional lever for long-term value creation.
We are pleased to announce the formation of our Skilled Trades Services platform at KSX and the recent acquisition of Bud's Plumbing. As we move into 2025, we are encouraged by potential acquisition opportunities in our pipeline and remain confident in our ability to acquire and operate cash flow generating businesses that will deliver attractive returns for our shareholders. Extended Warranty is showing promising signs of improvement, with Adjusted EBITDA increasing sequentially each quarter in 2024.
Our disciplined management of operating expenses, along with recent pricing adjustments, helped mitigate the year-over-year rise in claims paid. Notably, the increase in claims expense moderated in the second half of the year compared to the first half."
