Business
Hillman Reports Second Quarter 2024 Results
CINCINNATI, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and
About this update from Hillman Solutions Corp.
[{"type":"text","content":"CINCINNATI, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and merchandising solutions, reported financial results for the thirteen and twenty-six weeks ended June 29, 2024. Second Quarter 2024 Highlights (Thirteen weeks ended June 29, 2024) Net sales decreased (0.2)% to $379.4 million compared to $380.0 million in the prior year quarterNet income totaled $12.5 million, or $0.06 per diluted share, compared to $4.5 million, or $0.02 per diluted share, in the prior year quarterAdjusted diluted EPS1 was $0.16 per diluted share compared to $0.13 per diluted share in the prior year quarterAdjusted EBITDA1 totaled $68.4 million compared to $58.0 million in the prior year quarter Second Quarter YTD 2024 Highlights (Twenty-six weeks ended June 29, 2024) Net sales were $729.7 million, unchanged versus the prior year periodNet income totaled $11.0 million, or $0.06 per diluted share, compared to net loss of $(4.6) million, or $(0.02) per diluted share, in the prior year periodAdjusted diluted EPS1 was $0.25 per diluted share compared to $0.19 per diluted share in the prior year periodAdjusted EBITDA1 totaled $120.7 million compared to $98.2 million in the prior year periodNet cash provided by operating activities was $76.5 million compared to $115.0 million in the prior year periodFree Cash Flow1 totaled $36.4 million compared to $78.0 million in the prior year period Balance Sheet and Liquidity at June 29, 2024 Gross debt was $759.4 million, compared to $760.9 million on December 30, 2023, and $851.5 million on July 1, 2023Net debt1 outstanding decreased to $705.3 million, compared to $722.4 million on December 30, 2023, and $813.8 million on July 1, 2023Liquidity available totaled approximately $305.3 million, consisting of $251.2 million of available borrowing under the revolving credit facility and $54.0 million of cash and equivalentsNet debt1 to trailing twelve month Adjusted EBITDA improved to 2.9x from 3.3x on December 30, 2023, and 4.0x on July 1, 2023 Management Commentary \"During the second quarter we delivered outstanding bottom-line performance resulting from improved efficiencies and strong margins,\" commented Doug Cahill, Chairman, President, and Chief Executive Officer of Hillman. \"We took great care of our customers during t...