Q2 2024 Hamilton Beach Brands Holding Co Earnings Call Transcript
Key Points
- Hamilton Beach Brands Holding Co (HBB) achieved a record revenue of $156.2 million in Q2 2024, marking a 14% increase from the previous year.
- The company reported a significant improvement in gross profit margin, reaching 25.9% compared to 20% a year ago.
- Operating profit increased significantly to $10 million, driven by revenue growth and gross profit margin expansion.
- The company successfully reduced pandemic-related excess inventory and corresponding debt to more normalized levels.
- Hamilton Beach Brands Holding Co (HBB) generated $37 million of cash from operating activities, which was reinvested in the business and returned to shareholders.
- Revenue decreased in the Canadian market, which continues to experience overall weakness.
- Selling, general, and administrative expenses increased to $30.4 million, partly due to the addition of HealthBeacon's expenses.
- The company expects modest revenue growth in the second half of 2024 due to challenging year-over-year comparisons.
- Hamilton Beach Health is expected to have a modest impact on 2024 financial results due to planned investments and its startup phase.
- The refinancing of the revolving credit facility has not yet been completed, leading to all outstanding amounts being classified as current liabilities.
Thank you for standing by. I am Augusto and I will be your conference operator today. At this time, I would like to welcome everyone to the Hamilton Beach Brands Holding Company Q2 earnings conference call and webcast. (Operator Instructions)
Thank you. I would now like to turn the call over to Lou Anne Nabhan, Head of Investor Relations. Please go ahead.
Thank you, Augusto. Good morning, everyone, and welcome to the Hamilton Beach Brands second quarter 2024 earnings conference call and webcast. Yesterday after the stock market closed, we filed with the SEC our Form 10-Q for the quarter ending June 30, 2024, and we issued our second quarter 2024 earnings release. Both documents are available on our corporate website.
Our speakers today are Greg Trepp, Chief Executive Officer; Scott Tidey, President; and Sally Cunningham, Senior Vice President, Chief Financial Officer and Treasurer.
Our presentation today includes forward-looking statements. These
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