On Aug. 8, Cincinnati-based hardware manufacturer and distributor Hillman Solutions announced its 2023 second-quarter earnings, which showed that net sales were $380 million, a 3.6% drop compared with the same quarter last year.
Net income in 2Q 2023 totaled $4.5 million, compared to $8.8 million in 2Q 2022. Adjusted EBITDA was $58 million, a decrease from the $62.3 million in the prior-year quarter.
For the first six months of 2023, Hillman’s net sales also decreased 3.6% to $729.7 million, compared with $757.1 million in the first half of 2022.
In May, Hillman reported 1Q net sales of $349.7 million, a decline of 3.7% year-over-year and down 1% sequentially from 4Q 2022.
Despite another quarterly sales decrease, Hillman said it will maintain its full-year guidance, which includes projected net sales of $1.45 to $1.55 billion.
For MDM’s 2023 Top Distributors Lists, Hillman ranks No. 23 for industrial distributors, No. 6 on for fastener distributors, and is included among top safety distributors.
During 2Q 2023, Hillman promoted Jon Michael “JMA” Adinolfi to the newly created position of Chief Operating Officer. The company also opened a new 305,000-square-foot distribution center in Belton, Missouri, in April.
In May, private equity firm CCMP Capital announced it was exiting its position in Hillman’s stock through a secondary offering.