January 2025
Team,
Happy New Year and welcome to 2025! I hope everyone was able to enjoy some time with family and friends over the Holidays. As we step into the new year, I want to thank you for the incredible work you’ve done to close out 2024. While the finance team works to finish the 2024 numbers, I’m pleased to share that December finished with solid order intake, and shipments slightly exceeded expectations.
Looking ahead, our 2025 Annual Operating Plan (AOP) lays out three key priorities that will shape our path to continued growth and success:
- Market Share Expansion: Leverage our #OneCurrent ecosystem of products and partners to drive profitable growth. By strengthening collaborations and expanding our offerings, we plan to capture a larger share of the market.
- Service Excellence: Deliver exceptional customer experiences. Service will remain at the core of our efforts as we build lasting relationships with customers.
- Efficiency: Streamline operations, boost profitability, and enhance competitiveness.
Aligned with these priorities, our 2025 budget reflects our commitment to achieving significant financial milestones:
- Revenue: We are projecting an increase in sales, driven by our commercial growth strategies; which we expect to yield a $56 million improvement in volume.
- EBITDA: We anticipate an increase of more than $20 million, reaching over 8% of sales. This growth is expected to result from increased volume, a full year of efficiencies gained in 2024, and cost reduction projects slated for 2025.
I’d like to recognize the Hendersonville team for successfully opening our new Regional Distribution Center (RDC) at the plant. This milestone marks a key step toward operational efficiency, enabling us to reduce costs, perform late-stage product modifications, and respond to customer needs faster than ever. Your teamwork has set us up for long-term success—thank you!
We are making great progress on Rally Cry 5, which focuses on Clean Orders and Ease of Doing Business. Later this month, we will launch our next Rally Cry initiative, aimed at driving further coordination, innovation, and customer satisfaction across the organization.
Team, I am proud of the work we’ve attained to date. While we still have work to do, we now have the right tools and momentum to accelerate our growth and deliver exceptional value to both our customers and our organization. As you engage in performance discussions closing out last year, I ask you to challenge yourself to help us achieve our commitments. Think critically about the 3-5 goals that will allow 2025 to be a year of extraordinary growth and success!
Thank you for your hard work and commitment.
Steve