Hillman Solutions Corp. Quarterly Report for the Period Ended March 30, 2024

Press release · 05/07 12:28
Hillman Solutions Corp. Quarterly Report for the Period Ended March 30, 2024

Hillman Solutions Corp. Quarterly Report for the Period Ended March 30, 2024

Hillman Solutions Corp. has reported a strong financial quarter, with significant growth in revenue and net income. The company’s balance sheet remains healthy, and cash flows from operating activities were robust. The management team is confident about the future prospects of the business, and they are investing in growth opportunities to capitalize on market trends. The company is also focused on maintaining a strong balance sheet and managing risks effectively.

Company Shows Improved Performance and Outlook


Hillman Solutions Corp., a large provider of hardware products and services, reported improved financial performance in the first three months of 2024 compared to the same period last year. The company’s sales were stable, but profitability increased due to lower costs and expenses. Hillman also completed an acquisition and repriced its debt to achieve future interest savings.

Sales and Profits

In the first quarter of 2024, Hillman’s total sales revenue was $350.3 million, up slightly from $349.7 million in the first quarter of 2023. The company’s Hardware and Protective Solutions segment, its largest, grew sales by 2.4%, while the Robotics and Digital Solutions segment declined 9.2%.

Despite flat total sales, Hillman swung to a small net loss of $1.5 million in the first quarter of 2024, an improvement from a $9.1 million loss last year. The company’s gross profit margin increased significantly from 41.5% to 47.6% due to lower product and shipping costs. Hillman also controlled expenses better, keeping selling, general and administrative costs in check.

Strengths and Accomplishments

Hillman achieved higher profitability through good cost control and operational execution. The company appears to be managing inflationary pressures and supply chain disruptions effectively so far.

The Hardware and Protective Solutions segment improved its profit margin from -1.5% last year to 3.6% this year through sales growth and expense discipline. All segments reduced expenses as a percentage of sales.

Hillman also expanded its product portfolio by acquiring Koch Industries, a provider of rope, chain, and wire products. This acquisition brings new sales and earnings growth opportunities.

In March, the company repriced its debt to achieve future interest savings. This will save $5-10 million per year going forward. The move demonstrates Hillman’s improving credit profile.


Hillman expects the challenging economic environment to continue, but believes it can navigate inflation, consumer spending pressures, and foreign exchange volatility. Margin expansion and debt reduction will remain priorities.

The company sees opportunities for further growth, both organically and through acquisition. The recent Koch purchase provides a platform to expand Hillman’s hardware sales and merchandising services.

While risks remain, Hillman’s first quarter results and actions show a company with strengthening operations and financial footing to weather challenges ahead.