Hamilton Beach Brands Holding Company reported a revenue increase of 4.6% for the fiscal year ending December 31, 2024, reaching $654.7 million compared to $625.6 million in 2023. The company's gross profit margin improved to 26.0%, up from 23.0% the previous year, primarily due to lower product and transportation costs. Net income also rose significantly, totaling $30.8 million, a 21.9% increase from $25.2 million in 2023. The growth in revenue was attributed to increased unit volume and a favorable product mix, particularly in the North American consumer markets, although it faced some headwinds from lower average selling prices and unfavorable foreign currency fluctuations.
In terms of operational changes, Hamilton Beach made a strategic acquisition in February 2024, purchasing HealthBeacon PLC, a medical technology firm, which contributed $4.3 million in revenue during the year. This acquisition aligns with the company's expansion into the health and wellness market, which is expected to enhance its product offerings and revenue streams. The company also reported a significant increase in selling, general, and administrative expenses, which rose by $18.3 million, largely due to the integration of HealthBeacon and increased employee-related costs.
The company’s customer base remains concentrated, with Walmart and Amazon accounting for approximately 29% and 24% of total revenue, respectively. The five largest customers collectively represented about 65% of total revenue in 2024. Hamilton Beach continues to maintain a strong market position, being recognized as the number one small kitchen appliance brand in the U.S. based on units sold. The company employed approximately 700 individuals across six countries as of December 31, 2024, with a significant portion of its workforce based in the U.S.
Looking ahead, Hamilton Beach expressed optimism about its growth trajectory, particularly in the health and wellness sector, while acknowledging potential challenges such as fluctuating consumer spending and economic conditions. The company has also taken steps to enhance its liquidity, reporting cash and cash equivalents of $45.6 million at year-end, up from $15.4 million in 2023. The company’s credit facility was extended to December 2029, providing additional financial flexibility. Hamilton Beach remains focused on innovation and expanding its product lines to meet evolving consumer needs, which it views as critical to sustaining its competitive advantage in the market.
About Hamilton Beach Brands Holding Co
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