Fasteners and other hardware products distributor Hillman Solutions reported its 2024 first quarter financial results on May 7, showing profit declines amid flat sales.
The Cincinnati-based company posted total 1Q sales of $350 million, up 0.2% year-over-year, while a net loss of $1.5 million was much smaller than a $9.1 million loss of a year earlier. Sequentially, it followed a 4Q23 that logged a comparable sales increase 3.8% and a net loss of $10 million.
Hillman’s 1Q adjusted gross margin jumped 620 basis points year-over-year to 47.6%.
Hillman’s 1Q adjusted EBITDA of $52 million on 14.9% margin topped the $40 million and 11.5% margin of a year earlier
By business unit in 1Q:
- Hardware & Protective sales of $260 million increased 2.4% year-over-year — driven by the company’s 1Q Koch acquisition and new business — with adjusted EBITDA up 70.9% as margin of 12.4% increased 500 bps.
- Robotics & Digital sales of $61 million fell 9.2%, with adjusted EBITDA down 12.9% as margin of 30.7% fell 130 bps.
- Canada sales of $35 million increased 0.5%, with adjusted EBITDA up 70.7% as margin of 8.7% jumped 360 bps.
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