Company: CODI-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001345126-25-000015
Chunk: 47

Company: Compass Diversified Holdings
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 47
---
 increase in selling general and administrative expense was due to increased staffing related costs and increased travel and legal expenses. Selling, general and administrative expense represented 15.1% of net sales for the year ended December 31, 2023 as compared to 15.8% for the same period in 2022. The decrease in selling, general and administrative expense as a percentage of net sales was due to overall higher sales volume as compared to the prior year.

Segment operating income

Arnold had segment operating income of approximately $21.6 million for the year ended December 31, 2023, as compared to segment operating income of $16.7 million for the year ended December 31, 2022, an increase of $4.9 million year over year based on the factors stated above.

Sterno 

Overview

Sterno, headquartered in Plano, Texas, is the parent company of Sterno, LLC ("Sterno Products") and Rimports Inc. ("Rimports"). Sterno is a leading manufacturer and marketer of portable food warming systems. Sterno also produces creative indoor and outdoor lighting and home fragrance solutions for consumer markets. Sterno offers a broad range of wick and gel chafing systems, butane stoves and accessories, liquid and traditional wax candles, catering equipment and lamps through Sterno Products, as well as scented wax cubes, warmer products, outdoor lighting and essential oils used for home decor and fragrance systems, through Rimports. 

Results of Operations 

Year ended December 31,(in thousands)202420232022Net sales$318,448 100.0 %$323,830 100.0 %$352,152 100.0 %Gross profit$85,183 26.7 %$78,514 24.2 %$67,426 19.1 %Selling, general and administrative expense$38,126 12.0 %$36,713 11.3 %$30,594 8.7 %Segment operating income$31,446 9.9 %$24,852 7.7 %$19,801 5.6 %

Year ended December 31, 2024 compared to the Year ended December 31, 2023

Net sales

Net sales for the year ended December 31, 2024 were approximately $318.4 million, a decrease of $5.4 million or 1.7% compared