Hillman Solutions Corp. reported a slight decline in net sales for the fiscal year ending December 28, 2024, totaling $1,472.6 million, down 0.3% from $1,476.5 million in the previous year. The decrease was attributed to soft home improvement spending and price reductions, which offset gains from two acquisitions made during the year: Koch Industries, Inc. and Intex DIY, Inc. The company’s net income improved significantly to $17.3 million, or $0.09 per diluted share, compared to a net loss of $9.6 million, or $(0.05) per diluted share, in 2023. Adjusted EBITDA also increased to $241.8 million from $219.4 million in the prior year.
The Hardware and Protective Solutions segment, which constitutes 74.3% of total sales, saw a revenue increase of 1.8% to approximately $1,094.4 million, primarily driven by the contributions from the Koch and Intex acquisitions. However, the Robotics and Digital Solutions segment experienced a decline in revenue, generating $230.3 million, down from $245.4 million in 2023, while the Canada segment's sales fell to $147.9 million from $156.5 million. The company noted that the overall market conditions, including a 30-year low in existing home sales, impacted its performance.
In terms of operational developments, Hillman Solutions Corp. expanded its workforce, employing 3,886 individuals as of December 28, 2024, compared to 3,800 in the previous year. The company also reported a significant customer concentration, with its two largest customers, Home Depot and Lowe's, accounting for approximately 41% of total revenues. The company continues to enhance its B2B eCommerce platform, which has enrolled thousands of customers, facilitating online orders.
Looking ahead, Hillman Solutions Corp. remains focused on leveraging its competitive advantages, including a robust field service team and established relationships with major retailers. The company anticipates that its strategic acquisitions will contribute positively to its growth trajectory. However, it also acknowledges potential risks, including economic conditions that could affect consumer spending and the ongoing challenges in the supply chain. The company plans to continue investing in product innovation and operational efficiencies to navigate these challenges effectively.
About Hillman Solutions Corp.
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