Helios Technologies, Inc. reported a decline in financial performance for the fiscal year ending December 28, 2024, with consolidated net sales of $805.9 million, a decrease of 3.6% from $835.6 million in the previous year. The company's gross profit also fell by 3.6% to $252.3 million, while operating income increased slightly to $81.8 million, reflecting a 2.4% rise compared to the prior year. Net income for the year was $39.0 million, up 4.0% from $37.5 million in 2023, resulting in diluted earnings per share of $1.17, a 2.6% increase from $1.14.
The decline in sales was primarily attributed to reduced demand in key markets such as agriculture, mobile, and industrial sectors, which persisted through the fourth quarter. However, the health and wellness market saw a nearly 20% increase in sales, recovering from a sharp decline in 2023. The company experienced organic sales declines of $34.7 million, partially offset by $5.0 million from acquisitions. Geographically, sales decreased in the Americas and EMEA regions, while the APAC region, particularly China, showed growth.
Strategically, Helios Technologies has focused on acquisitions to enhance its product offerings and market presence. In 2023, the company acquired Schultes Precision Manufacturing and i3 Product Development, which are expected to contribute to its growth in the hydraulics and electronics segments, respectively. The company has also been restructuring its operations, including the establishment of regional operational Centers of Excellence, aimed at optimizing its manufacturing capabilities and improving cost structures.
As of the end of 2024, Helios employed over 2,500 individuals globally, with a significant portion of its workforce located in the Americas. The company continues to prioritize innovation, investing in research and development, which totaled $20.1 million in 2024. Looking ahead, Helios Technologies remains committed to exploring further acquisition opportunities and enhancing its operational efficiencies, while maintaining a strong balance sheet and a history of consistent dividend payments. The company anticipates that its strategic initiatives will position it for future growth despite current market challenges.
About HELIOS TECHNOLOGIES, INC.
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