Hillman shares its Q3 financials
Hillman Solutions Corp. has reported financial results for the weeks ended September 28, 2024. Third quarter 2024 highlights are below:
- Net sales decreased 1.4 percent to $393.3 million compared to $398.9 million in the prior year quarter.
- Net income totaled $7.4 million, or $0.04 per diluted share, compared to $5.1 million, or $0.03 per diluted share, in the prior year quarter.
- Adjusted EBITDA totaled $72.6 million compared to $66.8 million in the prior year quarter.
- The company acquired Intex DIY, a leading supplier of wiping cloths, consumable rags and cleaning textiles.
- Subsequent to quarter end, Hillman won divisional 2024 Vendor Partner of the Year in Hardlines at Lowe's and won 2024 Partner of the Year in Hardware at Home Depot.
Third quarter 2024 year-to-date highlights
- Net sales decreased 0.5 percent to $1,123.0 million compared to $1,128.7 million in the prior year period.
- Net income totaled $18.5 million, or $0.09 per diluted share, compared to net income of $0.5 million, or $0.00 per diluted share, in the prior year period.
- Adjusted EBITDA totaled $193.2 million compared to $165.0 million in the prior year period.
- Net cash provided by operating activities was $140.2 million compared to $171.5 million in the prior year period.
- Free Cash Flow totaled $76.0 million compared to $119.3 million in the prior year period.
Management commentary
"Our strong results for the third quarter were driven by efficient operations across the organization while taking great care of our customers," commented Doug Cahill, chairman, president and CEO of Hillman. "Our 1,100 field sales and service folks continue to regularly manage the aisle for our customers, and our operations team has done a great job shipping our 114,000 SKUs to our customers on time and in full - demonstrated by our year-to-date fill rate of 95 percent."
“During the quarter we acquired Intex DIY, a leading supplier of cleaning rags, cloths, and textiles. This acquisition adds new products to our portfolio, and allows us to sell into new aisles and to new customers. We continue to seek bolt-on acquisitions like Intex DIY, that allow us to leverage our competitive moat to fuel long-term organic growth."
"Taking care of our customers has always been the lifeblood of this company and has been the key driver our long-term success. As we look forward, the partnership and trust we have with our customers and our new business pipeline give us confidence that we are well positioned to grow our top and bottom line in 2025."
