Hillman Solutions Corp. has reported its financial results for the fourth quarter of 2024 and the full year 2024. In the fourth quarter of 2024, net sales increased by 0.5% to $349.6 million compared to the prior year quarter, while net loss decreased significantly to $(1.2) million, or $(0.01) per diluted share, compared to a net loss of $(10.1) million in the prior year quarter. Adjusted EBITDA totaled $56.3 million, up from $54.4 million in the prior year quarter. For the full year 2024, net sales decreased slightly to $1.47 billion compared to the prior year, with net income totaling $17.3 million, a significant improvement from a net loss of $(9.6) million in the prior year.
Adjusted EBITDA for the full year 2024 reached a record $241.8 million, up from $219.4 million in the prior year. Net cash provided by operating activities decreased to $183.3 million from $238.0 million in the prior year, and free cash flow totaled $98.1 million, down from $172.3 million in the prior year. The company also made strategic acquisitions, including Koch Industries and Intex DIY, in 2024.
On the balance sheet and liquidity front, gross debt decreased to $718.6 million from $760.9 million at the end of 2023, and net debt decreased to $674.0 million from $722.4 million at the end of 2023. Liquidity available totaled $233 million at the end of 2024, and the net debt to trailing twelve month adjusted EBITDA ratio improved to 2.8x times from 3.3x at the end of 2023.
Looking forward, Hillman has provided guidance for the full year 2025, expecting net sales to range from $1.495 billion to $1.575 billion, adjusted EBITDA to range from $255 million to $275 million, and free cash flow to range from $90 million to $110 million.
The company's executive chairman, Doug Cahill, highlighted the record bottom-line results achieved in 2024, despite the soft macro environment, and the focus on disciplined execution and customer care. Jon Michael Adinolfi, Hillman's newly appointed chief executive officer, expressed confidence in the company's prospects for 2025, emphasizing the focus on customer care, securing new business wins, and prudent capital investments.
Hillman Solutions Corp. is a leading provider of hardware-related products and solutions to home improvement, hardware, and farm and fleet retailers across North America, with a commitment to customer service and a competitive moat built on direct-to-store shipping and a dedicated in-store sales and service team.
The company plans to host a conference call and webcast presentation to discuss its results and guidance today, February 18, 2025, at 8:30 a.m. Eastern Time.
For additional details and reconciliations between the company’s GAAP and non-GAAP financial results, refer to the official SEC filing and the company’s website. Following these announcements, the company's shares moved -3.7%, and are now trading at a price of $9.98. For the full picture, make sure to review Hillman Solutions's 8-K report.
