Hillman Reports Slight 2022 Sales Growth Despite Losses - Modern Distribution Management

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Hillman Reports Slight 2022 Sales Growth Despite Losses

Net sales for 2022 increased 4.2% to $1.49 billion, compared with $1.43 billion in the prior-year period, Hillman reported.

Cincinnati-based Hillman Solutions Group recently announced its 2022 fourth-quarter and total-year earnings report, which showed modest gains in net sales when accounting for an extra week compared to 2021.

Hillman said fiscal 2022 consisted of 53 weeks compared to 52 weeks in fiscal 2021, and fiscal 2022’s 4Q consisted of 14 weeks compared to 13 weeks during 4Q 2021.

For 4Q, Hillman said net sales increased 1.8% to $350.7 million, compared to $344.5 million in the prior-year quarter. Excluding the 53rd week during 2022, net sales actually decreased 2.8% to $334.9 million, the company said.

Net loss for 4Q totaled $13.9 million, or $0.07 per diluted share, compared to net income of $6.5 million, or $0.03 per diluted share, in the prior-year quarter.

For total-year 2022, net sales increased 4.2% to $1.49 billion, compared with $1.43 billion the year before. Excluding the 53rd week during 2022, net sales increased 3.1% to $1.47 billion, Hillman said.

Net loss for 2022 totaled $16.4 million, or $0.08 per diluted share, compared with a loss of $38.3 million, or $0.28 per diluted share the year before.

“I am grateful to the entire Hillman team for their strong performance during a dynamic and challenging year,” said Doug Cahill, Chairman, President and CEO of Hillman. “During 2022, we grew Adjusted EBITDA to $210 million, which was in line with our expectations. In our Hardware Solutions segment, we achieved industry-leading average fill rates of 96%, bolstering our reputation in the industry. In our Robotics and Digital Solutions segment, we continue to roll out innovative self-serve kiosks to an expanding footprint of stores, establishing a firm platform to generate attractive returns for Hillman and our customers for years to come.”

Hillman ranked No. 6 among MDM’s 2022 Top Fastener Distributors.

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