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HAMILTON BEACH BRANDS HOLDING COMPANY ANNOUNCES THIRD QUARTER 2024 RESULTS

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Hamilton Beach Brands reported Q3 2024 results with revenue increasing 2.0% to $156.7 million compared to Q3 2023. Gross profit margin expanded by 190 basis points to 28.0%. Operating profit decreased to $10.6 million from $14.4 million, primarily due to increased SG&A expenses. The company completed the acquisition of HealthBeacon, contributing $1.2 million in new revenue. Net income was $1.9 million ($0.14 per diluted share), compared to $10.3 million ($0.74 per diluted share) in Q3 2023. The company maintains its outlook for 2024, expecting modest revenue growth and significant operating profit increase.

Hamilton Beach Brands ha riportato i risultati del terzo trimestre del 2024, con un aumento del fatturato del 2,0% a 156,7 milioni di dollari rispetto al terzo trimestre del 2023. Il margine di profitto lordo è aumentato di 190 punti base, raggiungendo il 28,0%. Il profitto operativo è diminuito a 10,6 milioni di dollari rispetto ai 14,4 milioni di dollari, principalmente a causa dell'aumento delle spese SG&A. L'azienda ha completato l'acquisizione di HealthBeacon, contribuendo con 1,2 milioni di dollari di nuovi ricavi. L'utile netto è stato di 1,9 milioni di dollari (0,14 dollari per azione diluita), rispetto ai 10,3 milioni di dollari (0,74 dollari per azione diluita) nel terzo trimestre del 2023. L'azienda mantiene le sue previsioni per il 2024, prevedendo una modesta crescita del fatturato e un significativo incremento del profitto operativo.

Hamilton Beach Brands informó los resultados del tercer trimestre de 2024, con un aumento en los ingresos del 2.0% a 156.7 millones de dólares en comparación con el tercer trimestre de 2023. El margen de ganancia bruta se amplió en 190 puntos básicos, alcanzando el 28.0%. El beneficio operativo disminuyó a 10.6 millones de dólares desde 14.4 millones de dólares, principalmente debido al aumento de los gastos SG&A. La compañía completó la adquisición de HealthBeacon, que contribuyó con 1.2 millones de dólares en nuevos ingresos. El ingreso neto fue de 1.9 millones de dólares (0.14 dólares por acción diluida), en comparación con 10.3 millones de dólares (0.74 dólares por acción diluida) en el tercer trimestre de 2023. La empresa mantiene su perspectiva para 2024, esperando un crecimiento modesto en los ingresos y un aumento significativo en el beneficio operativo.

Hamilton Beach Brands는 2024년 3분기 실적을 보고하며, 2023년 3분기 대비 매출이 2.0% 증가하여 1억 5670만 달러에 도달했다고 발표했습니다. 총 이익률은 190bp 확장되어 28.0%에 달했습니다. 운영 이익은 1440만 달러에서 1060만 달러로 감소했으며, 주로 SG&A 비용 증가로 인한 것입니다. 회사는 HealthBeacon 인수를 완료했으며, 120만 달러의 신규 수익을 contributed했습니다. 순이익은 190만 달러(희석 주당 0.14달러)로, 2023년 3분기의 1030만 달러(희석 주당 0.74달러)와 비교됩니다. 회사는 2024년을 위한 전망을 유지하며, 소폭 성장과 함께 운영 이익의 상당한 증가를 기대하고 있습니다.

Hamilton Beach Brands a publié ses résultats pour le 3ème trimestre 2024, avec un chiffre d'affaires en hausse de 2,0% à 156,7 millions de dollars par rapport au 3ème trimestre 2023. La marge brute a augmenté de 190 points de base pour atteindre 28,0%. Le bénéfice d'exploitation a diminué à 10,6 millions de dollars contre 14,4 millions de dollars, principalement en raison de l'augmentation des dépenses SG&A. La société a finalisé l'acquisition de HealthBeacon, contribuant à 1,2 million de dollars de nouveaux revenus. Le revenu net s'élevait à 1,9 million de dollars (0,14 dollar par action diluée), contre 10,3 millions de dollars (0,74 dollar par action diluée) au 3ème trimestre 2023. L'entreprise maintient ses prévisions pour 2024, s'attendant à une croissance modeste du chiffre d'affaires et à une augmentation significative du bénéfice d'exploitation.

Hamilton Beach Brands berichtete über die Ergebnisse des 3. Quartals 2024, mit einem Umsatzanstieg von 2,0% auf 156,7 Millionen USD im Vergleich zum 3. Quartal 2023. Die Bruttogewinnmarge erweiterte sich um 190 Basispunkte auf 28,0%. Der Betriebsgewinn sank auf 10,6 Millionen USD von 14,4 Millionen USD, hauptsächlich aufgrund gestiegener SG&A-Ausgaben. Das Unternehmen hat die Übernahme von HealthBeacon abgeschlossen, was zu 1,2 Millionen USD an neuen Einnahmen beitrug. Der Nettogewinn betrug 1,9 Millionen USD (0,14 USD pro verwässerter Aktie), verglichen mit 10,3 Millionen USD (0,74 USD pro verwässerter Aktie) im 3. Quartal 2023. Das Unternehmen hält an seinen Prognosen für 2024 fest und erwartet ein moderates Umsatzwachstum und einen erheblichen Anstieg des Betriebsgewinns.

Positive
  • Revenue increased 2.0% to $156.7 million
  • Gross profit margin expanded by 190 basis points to 28.0%
  • Net debt reduced to $22.5 million from $49.7 million YoY
  • Interest expense decreased to $0.1 million from $0.6 million
  • Pension plan termination expected to increase free cash flow in 2025-2026
Negative
  • Operating profit declined to $10.6 million from $14.4 million YoY
  • Net income decreased to $1.9 million from $10.3 million YoY
  • Operating cash flow reduced to $35.2 million from $68.7 million YoY
  • HealthBeacon business expected to operate at a loss in 2024
  • SG&A expenses increased to $33.3 million from $25.6 million

Insights

Hamilton Beach Brands delivered mixed Q3 2024 results with some positive indicators and challenges. Revenue increased modestly by 2.0% to $156.7 million, while gross margin expanded significantly by 190 basis points to 28.0%. However, operating profit declined to $10.6 million from $14.4 million due to higher SG&A expenses.

Key positives include substantial debt reduction, with net debt decreasing to $22.5 million from $49.7 million year-over-year. The pension plan termination, while causing a one-time $7.6 million charge, will free up approximately $13.3 million in surplus assets to fund employee benefits, potentially boosting free cash flow in 2025-2026.

The HealthBeacon acquisition shows promise in the growing home health market, though it currently operates at a loss. Management's outlook for modest revenue growth and significant operating profit improvement in 2024 appears achievable given gross margin expansion trends.

GLEN ALLEN, Va., Oct. 30, 2024 /PRNewswire/ -- Hamilton Beach Brands Holding Company (NYSE: HBB) (the Company) today announced third quarter 2024 results.

Highlights - Third Quarter 2024 Compared to Third Quarter 2023


9/30/2024

9/30/2023


(In millions)

Revenue

$     156.7

$     153.6

Gross profit

$       43.9

$       40.1

% of revenue

28.0 %

26.1 %

Operating profit

$       10.6

$       14.4


Cash flow from
operating activities

$       35.2

$       68.7

Total debt

$       50.0

$       51.3

Net debt

$       22.5

$       49.7

  • Total revenue of $156.7 million increased 2.0% compared to a year ago
  • Gross profit margin expanded by 190 basis points to 28.0%
  • Operating profit was $10.6 million compared to $14.4 million a year ago, reflecting increased SG&A expenses that included higher non-cash equity incentive compensation expense due to appreciation in the Company's stock price in the third quarter of 2024
  • Net cash provided by operating activities was $35.2 million, representing more normalized post-pandemic working capital, compared to $68.7 million, which benefited from significant excess inventory reduction activities
  • The Company's outlook for the full year 2024 compared to the full year 2023 continues to be a modest increase in revenue and a significant increase in operating profit based on gross margin expansion

Results - Third Quarter 2024 Compared to Third Quarter 2023
Total revenue of $156.7 million increased 2.0% compared to $153.6 million in the third quarter of 2023, when the Company saw the post-pandemic normalization of business conditions and trends. The revenue increase reflected a favorable product mix and higher volume. In the Company's Consumer markets, revenue increased in the U.S. and Mexican markets and decreased in the Latin American and Canadian markets. In the Company's Global Commercial market, revenue decreased due to softness in international markets. The acquisition of HealthBeacon on February 2, 2024 added $1.2 million of new revenue in the current quarter. 

Gross profit was $43.9 million, or 28.0% of total revenue, compared to $40.1 million, or 26.1%. The 190 basis point expansion in gross profit margin was primarily due to a favorable product mix and lower product costs. 

Selling, general and administrative expenses (SG&A) increased to $33.3 million compared to $25.6 million. The increase was primarily driven by higher employee-related expenses, including $2.9 million of increased non-cash equity incentive compensation due to stock price appreciation, the addition of $1.8 million of HealthBeacon SG&A expenses, and the absence of a $0.9 million non-recurring insurance recovery in the prior year.

Operating profit was $10.6 million compared to $14.4 million

Interest expense, net decreased to $0.1 million compared to $0.6 million, primarily due to lower average borrowings outstanding under the Company's revolving credit facility and lower interest rates.

Pension termination expense in 2024 was a one-time non-cash charge of $7.6 million, related to the reclassification of historical unrecognized losses from Accumulated Other Comprehensive Income. The Company finalized the termination of its over-funded U.S. defined benefit pension plan in the third quarter of 2024. The resulting surplus assets, estimated at $13.3 million, will be used to fund other existing employee retirement benefits over the next few years. The Company expects this planned use of the surplus assets will free cash that otherwise would have been used for this purpose, thereby increasing free cash flow in 2025 and 2026.

Income tax expense was $0.7 million compared to $2.8 million.

Net income was $1.9 million, or $0.14 per diluted share, compared to net income of $10.3 million, or $0.74 per diluted share.

Balance Sheet and Cash Flow
For the nine months ended September 30, 2024, net cash provided by operating activities was $35.2 million, representing more normalized post-pandemic working capital, compared to net cash provided of $68.7 million, which benefited from significant excess inventory reduction activities. Net working capital in the current period provided $20.3 million compared to $64.3 million. The 2024 period benefited from the Company's continued focus on working capital management which led to improvements in days sales outstanding and days payable outstanding. The change in net cash provided by operating activities reflects the net working capital changes partially offset by adjustments to net income for the non-cash stock compensation and pension termination expenses. Capital expenditures were $2.3 million in the current and prior-year periods.

On September 30, 2024, net debt, or total debt minus cash and cash equivalents and highly liquid short-term investments, was $22.5 million compared to $49.7 million on September 30, 2023.

The Company allocated its cash flow primarily to fund the acquisition of HealthBeacon and to return value to shareholders through the quarterly dividend and share repurchases. During the nine months ended September 30, 2024, the Company paid $4.7 million in dividends and repurchased 441,741 shares of its Class A common stock, including the repurchase of 221,529 shares in the third quarter of this year, at prevailing market prices for an aggregate purchase price of $9.3 million.

Outlook for Full Year 2024
In 2024, the retail marketplace for small kitchen appliances is expected to be modestly below 2023. The Company expects that continued progress with its strategic initiatives will enable it to deliver above market revenue performance. For the full year 2024 compared to the full year 2023, the Company expects revenue to increase modestly, Operating profit to increase significantly based on an expansion of gross profit margin, and Cash Flow from operating activities less cash used for investing activities to be at the high end of its normalized range of $25 million to $35 million per year.

Progress with the Company's six strategic initiatives is expected to drive revenue growth, expand margins, and generate strong cash flow over time. The initiatives are focused on increasing sales of innovative, higher priced, higher margin products in the Company's core North American market. The following is a summary of each initiative.

Drive Core Growth: This initiative is focused on driving the growth of the Company's flagship Hamilton Beach® and Proctor Silex® brands. Both brands have a long history of consumer trust, based on quality, durability and innovation. The Company is a leader in developing innovative new products in the small appliance category, which are based on consumer research and designed to improve everyday living. A number of incremental placements of core brand products that were secured last year and this year across multiple categories and retail customers are expected to benefit the Company throughout 2024. New products are supported by digital marketing, social media advertising and influencer marketing. Hamilton Beach® is the #1 small kitchen appliance brand in the U.S. based on units sold.

Gain Share in the Premium Market: The Company is increasing its participation in the premium market, which accounts for approximately 40% of small kitchen appliance industry annual sales. Some of the Company's premium brands are owned, such as Weston and Hamilton Beach Professional, while others are available through exclusive multiyear trademark licensing and other agreements. Innovation is key to the growth of these brands. In 2024, the Company has launched a number of new products across several of its premium lines, including CHI® premium garment care products, CloroxTM True HEPA air purifiers and other CloroxTM wellness products, Brita HubTM countertop electric water filtration appliances, and Bartesian® cocktail makers. The Company's newest premium brand, Numilk® plant-based milk makers, is launching in both the retail and commercial markets in 2024.

Lead in the Global Commercial Market: The Company is a leading provider of commercial small appliances to the food service and hospitality industries worldwide. The Hamilton Beach® brand, with its reputation for performance, reliability and differentiated products, is driving the sales growth of commercial products. The Company develops products that create a competitive advantage in its heritage blending and mixing categories, as well as products that provide for expansion into new categories. The Company's commercial products are sold in more than 100 countries. Building strength in ecommerce, which is becoming more important in the commercial market, is also a focus.

Accelerate Growth of Hamilton Beach Health: The Company aims to increase its participation in the large and fast-growing home health and wellness market. In 2021, the Company created the Hamilton Beach Health® brand, drawing on decades of experience as a trusted resource in the home. In February 2024, Hamilton Beach Health acquired HealthBeacon PLC, a medical technology firm and strategic partner of the Company. HealthBeacon develops digitally connected devices that enable patients to manage at home chronic conditions that require the use of injectable medications, and it provides other health services. The primary system offered is the Smart Sharps Bin™ from Hamilton Beach Health. It is provided to patients in the United States principally through specialty pharmacies and globally through conventional pharmaceutical companies. HealthBeacon's revenue model is subscription based. The acquisition combines the trusted brand name of Hamilton Beach and the Company's leadership in innovation, engineering, and product development with HealthBeacon's digital capabilities, patented technologies, and customer relationships. The Company believes HealthBeacon is an attractive investment with the potential to increase shareholder value over time as the business is scaled and expanded. Growth plans include adding new patients with existing pharmacy customers, attracting new pharmacy customers, and increasing the number of conditions that are treated using the system. In 2024, the Hamilton Beach Health business is expected to have an operating loss due to planned investments in the business and as HealthBeacon continues in the start-up phase. The integration of HealthBeacon is progressing as planned. Hamilton Beach Health is expected to contribute to operating profit in 2025. Hamilton Beach Health is exploring additional collaborations to further expand its focus on providing home healthcare management solutions. 

Accelerate Digital Transformation: The Company has a well-developed ecommerce capability. This initiative focuses on investments to gain share in the ecommerce market for consumer and commercial products. The Company collaborates closely with omnichannel and online-only retail customers to leverage the fast-paced changes in ecommerce. The Company invests in robust digital marketing to increase awareness and sell-through of its products, including online product content, search engine optimization, and advertising, attracting favorable reviews and strong star ratings, and social media strategies. The Company's U.S. distribution center provides the Company with the capability to ship small packages directly to consumers in partnership with retail customers.

Leverage Partnerships and Acquisitions: This initiative is focused on identifying and securing businesses with a strategic fit to the Company's portfolio. The Company is actively engaged in the pursuit of additional trademark licensing agreements, strategic alliances, and acquisitions to drive growth in all markets.

Conference Call
The Company will conduct an earnings conference call and webcast on Thursday, October 31, 2024, at 9:30 a.m. Eastern time. The call may be accessed by dialing 888-350-3452 (toll free), International 647-362-9199. Conference ID: 1809480. The conference call will be webcast live on the Company's Investor Relations website at www.hamiltonbeachbrands.com/investors/events-and-presentations. An archive of the webcast will be available on the website.

About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company is a leading designer, marketer, and distributor of a wide range of brand name small electric household and specialty housewares appliances, and commercial products for restaurants, fast food chains, bars, and hotels, and is a provider of connected devices and software for healthcare management. The Company's owned consumer brands include Hamilton Beach®, Proctor Silex®, Hamilton Beach Professional®, Weston®, and TrueAir®. The Company's owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. The Company licenses the brands for Wolf Gourmet® countertop appliances, CHI® premium garment care products, CloroxTM True HEPA air purifiers, and Brita HubTM countertop electric water filtration appliances. The Company has exclusive multiyear agreements to design, sell, market, and distribute Bartesian® cocktail makers and Numilk® plant-based milk makers. The Company's Hamilton Beach Health subsidiary is focused on expanding the Company's participation in the home health and medical markets. In February 2024, Hamilton Beach Health acquired HealthBeacon, a medical technology firm and strategic partner of the Company since 2021. HealthBeacon develops connected devices that enable patients to manage at home chronic conditions that require the use of injectable medications, and it provides other health services. For more information about Hamilton Beach Brands Holding Company, visit www.hamiltonbeachbrands.com.

Forward-Looking Statements
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Such risks and uncertainties include, without limitation: (1) uncertain or unfavorable global economic conditions and impacts from global military conflicts; (2) the Company's ability to source and ship products to meet anticipated demand; (3) the Company's ability to successfully manage constraints throughout the global transportation supply chain; (4) changes in the sales prices, product mix or levels of consumer purchases of small electric and specialty housewares appliances; (5) changes in consumer retail and credit markets, including the increasing volume of transactions made through third-party internet sellers; (6) bankruptcy of or loss of major retail customers or suppliers; (7) changes in costs, including transportation costs, of sourced products; (8) delays in delivery of sourced products; (9) changes in or unavailability of quality or cost effective suppliers; (10) exchange rate fluctuations, changes in the import tariffs and monetary policies and other changes in the regulatory climate in the countries in which the Company operates or buys and/or sells products; (11) the impact of tariffs on customer purchasing patterns; (12) product liability, regulatory actions or other litigation, warranty claims or returns of products; (13) customer acceptance of, changes in costs of or delays in the development of new products; (14) increased competition, including consolidation within the industry; (15) changes in customers' inventory management strategies; (16) shifts in consumer shopping patterns, gasoline prices, weather conditions, the level of consumer confidence and disposable income as a result of economic conditions, unemployment rates or other events or conditions that may adversely affect the level of customer purchases of the Company's products; (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation; (18) the Company's ability to identify, acquire or develop, and successfully integrate, new businesses or new product lines; and (19) other risk factors, including those described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2023. Furthermore, the future impact of unfavorable economic conditions, including inflation, changing interest rates, availability of capital markets and consumer spending rates remains uncertain. In uncertain economic environments, we cannot predict whether or when such circumstances may improve or worsen, or what impact, if any, such circumstances could have on our business, results of operations, cash flows and financial position.

 

HAMILTON BEACH BRANDS HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



THREE MONTHS ENDED

SEPTEMBER 30


NINE MONTHS ENDED

SEPTEMBER 30


2024


2023


2024


2023


(In thousands, except per share data)


(In thousands, except per share data)

Revenue

$     156,667


$     153,614


$     441,184


$      418,975

Cost of sales

112,765


113,548


326,732


330,583

Gross profit

43,902


40,066


114,452


88,392

Selling, general and administrative expenses

33,251


25,591


94,595


78,150

Amortization of intangible assets

31


50


224


150

Operating profit (loss)

10,620


14,425


19,633


10,092

Interest expense, net

59


592


330


2,634

Pension termination expense

7,595



7,595


Other expense (income), net

298


645


1,354


390

Income (loss) before income taxes

2,668


13,188


10,354


7,068

Income tax expense (benefit)

732


2,848


3,594


1,395

Net income (loss)

$         1,936


$       10,340


$         6,760


$          5,673









Basic and diluted earnings (loss) per share

$           0.14


$           0.74


$           0.48


$            0.40









Basic weighted average shares outstanding

13,852


14,025


14,042


14,060

Diluted weighted average shares outstanding

13,863


14,050


14,056


14,085

 

HAMILTON BEACH BRANDS HOLDING COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)



SEPTEMBER 30
2024


DECEMBER 31
2023


SEPTEMBER 30
2023


(In thousands)

Assets






Current assets






Cash and cash equivalents

$                 22,602


$                 15,370


$                   1,624

Trade receivables, net

99,049


135,434


102,178

Inventory

164,802


126,554


160,237

Prepaid expenses and other current assets

18,912


9,457


14,417

Total current assets

305,365


286,815


278,456

Property, plant and equipment, net

35,238


27,401


27,493

Right-of-use lease assets

36,627


39,423


40,590

Goodwill

7,099


6,253


6,253

Other intangible assets, net

2,179


1,292


1,342

Deferred income taxes

2,187


2,581


2,577

Deferred costs

15,434


14,613


14,419

Other non-current assets

4,540


6,324


7,790

Total assets

$               408,669


$               384,702


$               378,920

Liabilities and stockholders' equity






Current liabilities






Accounts payable

$               128,489


$                 99,704


$               116,124

Revolving credit agreements

50,000



Accrued compensation

12,622


14,948


11,025

Accrued product returns

6,616


6,232


5,801

Lease liabilities

5,584


6,155


6,136

Other current liabilities

10,130


12,549


12,776

Total current liabilities

213,441


139,588


151,862

Revolving credit agreements


50,000


51,276

Lease liabilities, non-current

39,528


41,937


43,303

Other long-term liabilities

5,749


5,910


4,659

Total liabilities

258,718


237,435


251,100

Stockholders' equity






Preferred stock, par value $0.01 per share



Class A Common stock

115


112


112

Class B Common stock

36


36


36

Capital in excess of par value

77,779


70,401


68,180

Treasury stock

(21,878)


(12,013)


(10,409)

Retained earnings

101,430


99,398


81,362

Accumulated other comprehensive loss

(7,531)


(10,667)


(11,461)

Total stockholders' equity

149,951


147,267


127,820

Total liabilities and stockholders' equity

$               408,669


$               384,702


$               378,920

 

HAMILTON BEACH BRANDS HOLDING COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



NINE MONTHS ENDED

SEPTEMBER 30


2024


2023


(In thousands)

Operating activities




Net income (loss)

$                           6,760


$                           5,673

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:




Depreciation and amortization

3,744


3,078

Stock compensation expense

7,381


3,175

Pension termination expense

7,595


Other

3,206


(172)

Net changes in operating assets and liabilities:




Trade receivables

34,599


13,678

Inventory

(43,687)


(3,379)

Other assets

(3,321)


2,333

Accounts payable

29,425


54,013

Other liabilities

(10,525)


(9,716)

Net cash provided by (used for) operating activities

35,177


68,683

Investing activities




Expenditures for property, plant and equipment

(2,347)


(2,286)

Acquisition of business, net of cash acquired

(7,412)


Issuance of secured loan

(600)


Repayment of secured loan

2,205


Purchase of U.S. Treasury bill

(4,884)


Other


(150)

Net cash provided by (used for) investing activities

(13,038)


(2,436)

Financing activities




Net additions (reductions) to revolving credit agreements


(59,650)

Purchase of treasury stock

(9,865)


(1,470)

Cash dividends paid

(4,728)


(4,549)

Net cash provided by (used for) financing activities

(14,593)


(65,669)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(390)


81

Cash, cash equivalents and restricted cash




Increase (decrease) for the period

7,156


659

Balance at the beginning of the period

16,379


1,905

Balance at the end of the period

$                         23,535


$                           2,564





Reconciliation of cash, cash equivalents and restricted cash




Cash and cash equivalents

$                         22,602


$                           1,624

Restricted cash included in prepaid expenses and other current assets

63


24

Restricted cash included in other non-current assets

870


916

Total cash, cash equivalents and restricted cash

$                         23,535


$                           2,564

 

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures: Net Debt
Net debt is a non-GAAP financial measure that management uses in evaluating financial position. Net debt is defined as long-term debt less cash and cash equivalents. Management believes net debt is an important measure of the Company's financial position due to the amount of cash and cash equivalents on hand. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. A reconciliation of this measure to its most directly comparable GAAP measure is provided in the table below:


NINE MONTHS ENDED
SEPTEMBER 30


2024


2023


(In millions)

Total debt

$           50.0


$           51.3

Less: cash and cash equivalents

$         (22.6)


$           (1.6)

Less: highly liquid short-term investments (1)

$           (4.9)


$              —

Net debt

$           22.5


$           49.7

(1) Investments with original maturities greater than 3 months but less than one year are included in prepaid expenses and other current assets on the balance sheet. If the original maturity is 3 months or less it is included within cash and cash equivalents.

Hamilton Beach Brands Holding Company logo (PRNewsfoto/Hamilton Beach Brands Holding C)

 

 

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SOURCE Hamilton Beach Brands Holding Company

FAQ

What was Hamilton Beach Brands (HBB) revenue in Q3 2024?

Hamilton Beach Brands reported revenue of $156.7 million in Q3 2024, a 2.0% increase from $153.6 million in Q3 2023.

How much did HBB's operating profit decline in Q3 2024?

Operating profit declined to $10.6 million in Q3 2024 from $14.4 million in Q3 2023, primarily due to increased SG&A expenses.

What was HBB's earnings per share in Q3 2024?

HBB reported earnings of $0.14 per diluted share in Q3 2024, compared to $0.74 per diluted share in Q3 2023.

How much revenue did HealthBeacon contribute to HBB in Q3 2024?

HealthBeacon, acquired in February 2024, contributed $1.2 million in new revenue during Q3 2024.

Hamilton Beach Brands Holding Company

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262.45M
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38.9%
50.77%
1.97%
Furnishings, Fixtures & Appliances
Electric Housewares & Fans
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United States of America
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