In the fourth quarter, Hamilton Beach Brands Holding Co. posted income and revenue gains, and the company stated that it is now looking forward to even better 2025 prospects.
Total revenue was $213.5 million versus $206.7 million in the year-prior quarter. Revenue growth reflected higher volume and a favorable product mix, partially offset by pricing and foreign currency impacts. In the company’s North America Consumer markets, revenue gained, driven by growth in the United States. In the company’s Global Commercial market, revenue decreased slightly due to softness internationally. The acquisition of HealthBeacon, which occurred on February 2, 2024, added $1.7 million of revenue in the 2024 fourth quarter, the company reported.
Operating profit was $23.6 million versus $25 million in the year-earlier quarter.
For the full fiscal year, net income was $30.8 million, or $2.20 per diluted share, compared to $25.2 million, or $1.80 per diluted share, in the year previous.
Total revenue was $654.7 million versus $625.6 million in the year prior. Higher volume and favorable product mix drove revenue, partially offset by lower average selling prices reflecting lower costs and foreign currency impact. In the company’s North America Consumer markets, revenue increased in the U.S. and Mexico. In the company’s Global Commercial market, revenue was relatively flat year over year. The HealthBeacon acquisition added $4.3 million of revenue in 2024, Hamilton Beach noted.
Operating profit was $43.2 million versus $35.1 million in the year earlier.
In 2025, Hamilton Beach stated, the company expects the retail marketplace for small kitchen appliances to grow in the low-single digit range, led by the U.S. business. Hamilton Beach expects to modestly outperform the industry in 2025, with revenue growth approaching the mid-single digit range. The company expects operating profit to increase at a faster rate than revenue, driven by expense leverage on higher revenue, with gross profit margin in line with 2024’s record level and a substantial decrease in HealthBeacon SG&A expenses. A significant step-up in planned advertising spend in fiscal 2025 to support the company’s strategic growth initiatives will partially offset the gains. Cash flow from operating activities less cash used for investing in 2025 should fall in the range of $40 million to $50 million, Hamilton Beach pointed out.
