The company posted 3Q year-over-year sales growth of 5.4%, an impressive rebound from the 3.6% decline seen in 2Q.
On Nov. 8, Cincinnati-based hardware manufacturer and distributor Hillman Solutions announced its 2023 third quarter earnings, which showed that year-over-year sales growth rebounded from a much slower 2Q.
Net sales in 3Q increased 5.4% to $398.9 million, compared to $378.5 million in the prior-year quarter. In 2Q 2023, net sales were $380 million, a 3.6% drop compared with the same quarter last year.
For 3Q, net income totaled $5.1 million, or $0.03 per diluted share, compared to net loss of $9.5 million in the prior-year quarter. Adjusted EBITDA was $66.8 million, compared to $59.0 million in 3Q 2022.
Net sales for the first nine months of 2023 decreased 0.6% to $1.128 billion, compared to $1.135 billion during the first three quarters of 2022. Adjusted EBITDA totaled $165.0 million, compared to $165.3 million in the prior-year period.
On MDM’s 2023 Top Distributors Lists, Hillman ranks No. 23 among industrial distributors and No. 5 among fastener distributors.
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Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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