NORTH BETHESDA, Md.–(BUSINESS WIRE)–ESAB Corporation (NYSE: ESAB), a focused premier industrial compounder, today announced record financial results for the fourth quarter of 2023.
ESAB reported fourth quarter sales of $689 million, an increase of 4% on an as reported basis or 4% higher core organic growth before acquisitions and currency translation impacts, as compared to the prior year. ESAB also reported fourth quarter net income from continuing operations attributable to ESAB of $58 million or $0.96 diluted earnings per share and core adjusted net income of $69 million or $1.13 diluted earnings per share. Core adjusted EBITDA of $126 million rose 18% and margins expanded 200 basis points to 19.4%, both as compared to the prior year quarter.
“ESAB’s team continues to execute well and delivered record-breaking sales, profit, and cash flow during the fourth quarter to conclude the year. Our exciting new innovative products are driving growth and EBX initiatives are expanding margins and generating strong cash flow,” stated Shyam P. Kambeyanda, President and CEO of ESAB Corporation. “As a company, we have consistently delivered on our commitments and are investing to strategically position the company for sustained growth and margin expansion. We step into 2024 with confidence in our ability to deliver strong shareholder returns and make continued strides toward our 2028 goals.”
ESAB 2024 Outlook
ESAB expects core organic growth of 2.5% to 4.5% and total core sales growth of 1.5% to 3.5% in 2024, which reflects approximately (1.0%) currency headwinds. ESAB is expecting core adjusted EBITDA of $495 to $515 million, core adjusted EPS of $4.65 to $4.85 and cash conversion of greater than 95%.
About ESAB Corporation
Founded in 1904, ESAB Corporation (NYSE: ESAB) is a focused premier industrial compounder. The Company’s rich history of innovative products, workflow solutions and business system ESAB Business Excellence, enables its purpose of Shaping the World We ImagineTM. ESAB Corporation is based in North Bethesda, Maryland and employs approximately 9,000 associates and serves customers in approximately 150 countries. To learn more, visit www.ESABcorporation.com.
