Q1 2024 Hillman Solutions Corp Earnings Call Transcript
Key Points
- Hillman Solutions Corp reported a 30% increase in adjusted EBITDA to $52.3 million compared to $40.2 million in the first quarter of 2023.
- Net sales in the first quarter of 2024 increased slightly to $350.3 million, driven by new business wins and the Cook acquisition.
- Adjusted gross margins improved significantly, totaling 47.6%, a 610 basis point increase over the previous year.
- The company successfully integrated the Cook acquisition ahead of schedule, enhancing its product offerings and market reach.
- Hillman Solutions Corp maintained healthy liquidity with approximately $242 million available, including cash and credit facilities.
- The overall market and foot traffic at retailers were both negative compared to last year, impacting top line results.
- Higher mortgage rates are suppressing existing home sales, which indirectly affects Hillman's business as homeowners delay upgrades and renovations.
- Net sales in the Robotics and Digital Solutions (RDS) segment were down 9.2% due to lighter foot traffic and discretionary spending.
- Freight costs and input costs, although locked in for 2024, remain a concern due to volatility in global markets.
- Despite strong financial performance, the macroeconomic environment continues to pose challenges, with inflation and high interest rates impacting consumer spending.
Good morning, and welcome to the first quarter 2024 results presentation for Hillman Solutions Corp. My name is Tonya, and I will be your conference call operator today before we begin, I would like to remind our listeners that today's presentation is being recorded and simultaneously webcast Company's earnings release presentation and 10 Q were issued this morning. These documents and a replay of today's presentation can be accessed on Hellmann's Investor Relations website at ir dot Holmen Group.com.
I would now like to turn the call over to Michael Koehler with Hillman, you may begin.
Thank you, Tonya, and good morning, everyone, and thank you for joining us. I am Michael Koehler, Vice President of Investor Relations and Treasury. Joining me on today's call are Doug Cahill, our Chairman, President and Chief Executive, John Michael Adinolfi, our Chief Operating Officer, and Robert Kraft, our Chief Financial Officer.
Before we begin today's call, I would
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