Counselor Top 40 distributor Cimpress (asi/162149), the parent company of VistaPrint and former Top 40 firm National Pen, increased total company sales by 7% on an annual basis to about $3.29 billion during its full fiscal year, which concluded June 30.
In a financial report released this week, the publicly traded company said that the full-year bottom line vastly improved, with 2024 net income tallying $173.68 million, or $6.64 in basic earnings per share and $6.43 in diluted EPS. That was up from a $186 million loss in fiscal year 2023.
Cimpress CEO Robert Keane said the 2024 topline marked the company’s highest ever revenue mark for a single year and emphasized the firm’s return to profitability.
“Throughout FY2024 we drove customer value improvements, steady revenue growth, gross margin expansion, and operating expense efficiencies, leading to significant profit expansion,” Keane said. “From a balance sheet perspective, we continued to reduce net leverage and increase our liquidity while executing significant share repurchases at attractive prices.”
Cimpress finished the year strong, he said. Total company fourth quarter revenue rose about 6% on an annual basis to $832.61 million. Net income for the quarter registered about $115 million, or $4.55 basic EPS and $4.33 diluted EPS. In the prior year’s Q4, Cimpress’ earnings were nearly $28.8 million.
Vista, the division that houses Cimpress’ flagship VistaPrint brand, an ecommerce-model direct-to-buyer seller of print and promotional products, contributed to the company’s sales and profitability, as did National Pen.
For the full fiscal year, Vista revenue grew 8% to $1.74 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by $104.4 million to $328.5 million.
In the 2024 fiscal year, National Pen engineered a 7% annual sales increase, reaching about $391.2 million. The Cimpress division’s EBITDA rose by $8.2 million to $31.9 million.
PrintBrothers and the Print Group, Cimpress’ upload and print businesses, grew 2024 revenue by a combined 8%. Full-year Upload & Print EBITDA jumped by $29.5 million to $160.4 million.
Said Keane: “We believe that Cimpress will continue to benefit from print market dynamics that favor our mass customization business model, deliver continuous customer experience improvements, grow our scale-based advantages, and further improve our competitive position.”
Based on estimated 2023 North American promotional product revenue of $310 million, Cimpress ranked 10th on Counselor’s most recent list of the largest distributors in the industry.
The Distributor Quarterly Sales Survey from ASI Research shows that promo distributors collectively increased sales by 1.3% on an annual basis in the second quarter of 2024 compared to the same three-month span the year prior. Cimpress’ fiscal-year Q4 corresponds to the calendar-year Q2.
