CCL Industries Inc. reported fourth quarter and annual financial results for 2024. Sales for the fourth quarter of 2024 increased 9% to $1,812.5 million compared to $1,662.5 million for the fourth quarter of 2023, with an organic growth rate of 6.8%, acquisition-related growth of 1.4% and a 0.8% positive impact from foreign currency translation.

Operating income for the fourth quarter of 2024 improved 5.1% to $267.9 million compared to $254.8 million for the comparable quarter of 2023. Foreign currency translation had a 0.3% negative impact on operating income for the comparable quarter.

For the fourth quarter of 2024, net earnings were $179.8 million compared to $38.8 million for the 2023 fourth quarter.

For 2024, sales, operating income and adjusted net earnings improved 9%, 13% and 15.5% to $7,245 million, $1,142.3 million and $769.8 million, respectively, compared to Dec. 31, 2023. The year ending Dec. 31, 2024, included results from nine acquisitions completed since Jan. 1, 2023, delivering acquisition-related sales growth for the year of 2.3%, coupled with organic sales growth of 6.1% and 0.6% positive impact from foreign currency translation.

“Fourth quarter results faced a very strong prior year period and as expected, included new start up initiatives that have yet to deliver profitability,” Geoffrey T. Martin, president and CEO of CCL, said.

In particular, Checkpoint’s sales increased 13.6% to $277.4 million on 13.3% organic growth and 0.3% positive impact from foreign currency translation. Operating income was $40.5 million, down 8.6%.

“Checkpoint delivered solid sales and profitability gains in MAS despite start-up costs for the new RFID plant in Mexico and compared to a strong prior year period,” Martin said. “ALS sales increased over 20% organically on market share gains and RFID growth, while fourth quarter profitability declined on less favorable sales mix, weak results in Latin America, and foreign exchange challenges in Turkey.”

With strong free cash flows expected in 2025, this leaves the company well placed to fund its global ambitions. Total capital expenditures for 2025 are currently expected to be approximately $485 million, for the completion of many greenfield initiatives, as well as technology and capacity additions throughout its global footprint.