Recent HBB transcripts
Associated HBB filings
Lou Nabhan | executive |
Gregory Trepp | executive |
R. Tidey | executive |
Sally Cunningham | executive |
Thank you for standing by. My name is Dee and I will be your conference operator today. At this time, I would like to welcome everyone to the Hamilton Beach Brands Holding Company First Quarter 2024 Earnings Call and Webcast.[Operator Instructions] I would now like to turn the call over to Lou Nabhan, Head of Investor Relations. Please go ahead.
Thank you Dee and good morning everyone. quarter conference first and our to XXXX call earnings webcast. Welcome XXXX. we the the the XX, stock after filed quarter market March for Yesterday XX-Q closed, with form SEC ending our earnings And release. we first issued quarter our XXXX Copies of available are those corporate on our documents website.
Trepp, Greg in is to expressed President, President statements. Vice the Executive Officer, Financial and These includes regarding risks forward-looking differ Officer our and could materially or statements uncertainties the are and today prepared Scott Cunningham, XX-Q. subject Sally speakers cause Chief Our to today during those that are Senior remarks results these Chief actual Tidey, from risks available Treasurer.Our either Q&A.Additional information and uncertainties presentation in
year to all.And XX, any will our ended company call disclaims Our updated these not call, update The if December at now on release earnings our the Annual XXXX. obligation and statements, quarterly conference until Report over be I which forward-looking next to may Greg. the for form turn XX-K
Thank you Good for you Thank us. everyone. joining Lou morning, Anne.
Our is that on expectations. we opening line report take that will Sally results. were today strategic questions.We our with our financial results, make pleased quarter which will your were initiatives, quarter Scott discuss our comments, will will some After first with our I first agenda in
to are upside as the continue retail year.We to there could a this believe of half second spending XXXX year if be in our delivered been. they we as carried have XXXX consumer and and the performance into full off You're momentum we strong solid start after outlook in be strong sales a and built that for XXXX affirming
like ours XXXX. year, which technology detail, a first results Hamilton partner in HealthBeacon of to a this Beach high company reported subsidiary X comments.As on is since discuss quarter level our company a will a called and I our Sally strategic have we make Health acquired While February few financial would medical
first about HealthBeacon of are results.We excited includes Our quarter very acquisition. this X months
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the XXXX as and is Hamilton operating beyond.In and the HealthBeacon operating business first profit in to has Health startup expected earnings million a investments includes HealthBeacon, working the $XXX,XXX business.As in in in HealthBeacon modest which expected discussed business, expand due Hamilton and quarter planned scale contribute to we in in March, revenue have XXXX last to We in and to operating phase. $X.X continues Beach are our Health loss. loss the our in Beach is call to
will In were million included expenses which our in and not which $X approximately SG&A of incurred addition, we recur. transaction costs
now, small total we flat While this kitchen our is results, future the company new at unfolds in to through in then revenue expect from increase overall to softness favorable period industry. rapidly years.Looking small steadily appliance year the same our more as it year was revenue which compared was and stream HealthBeacon last
our mentioned. compared increase Our keeping significantly strong, gross of effective to margins HealthBeacon's profit a the while competitive the costs increased in a year margin done and ago driven part than year has team expenses was inclusion marketplace.SG&A the remaining ago. in as gross transaction our by I an job The higher was
company role was company. increase the $X.X net President to was incentive call the The first our which and including in of him an costs, significant business.Also I working price.Operating the of of non-cash higher a loss of which our profit continued quarter as very was strength $X.X other let we underscores was results related improvement the Scott, stock compensation, improvement well a Hamilton Cash $XX HealthBeacon employee net ago. deliver related margin as as debt.Before million that of expansion.Excluding from the loss reflected a to the over whole improvement $XXX,XXX, a quarter, turn year our increase have million the in to primary position. in Beach driver me gross stock compared we're core as warehouses, related for say excited operations million nearly XXXX, was we underlying the first the improvement reduced or to the $X impairment mentioned, capital Brands' to lease profit I non-cash in primarily The in compared consolidation to his operating million our that further new
February year. role more recently, Scott succession long-standing XX As we've a worldwide. is leadership commercial retail with experience brings appointment sales company.Most position Vice the Directors with oversight Senior Global all announced, of part He and of to appointed President, Board his this plan. our than of of XX years his of our was Sales Scott's Scott to of effective
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Our results initiatives. X reflected our strategic progress of
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discuss Let our Health is what each initiatives Hamilton strategic each will and accelerate our how performing.I for the initiative initiatives, growth me briefly respect new discussion to are, growth continue they began the business. first to strategic of with Greg the of plans Beach
product has favorable enable Rapid We and to are being technology, the trusted in have very that and more management treated medical IP of software, digital driven growth innovative strengths, in actively journeys, the we've leading sharps device primary the in device innovation sourcing, disposal.While safe medication that that resources a certain in participant the patient container is these we to by a and strengths, marketing, strong excited called to home and distribute. staff development, the provides technologies.HealthBeacon This an working our to is currently and begins with shortage identify office Smart provide the technology specialty countertop well. of have including Once patient's one to sharps. patents very countertop inside strengths chronic provide automatically are facilitate X strategy sales health the distribution formally source with patients their Bin we growing integrating and care know-how, container care Patients Hamilton receive reminders, providers used alert Health. combine that bin and years, team and for we going is and relationships become further package business. brand a outcomes.Our areas our receptible to engineering, prepaid for changes be name as the interventions. is improve as an new They with sent up, services brings along to used our with importantly, and that fill HealthBeacon pharmacy process health settings.These health they device care for serves needed in solutions a our a connected app and is many returns companies that to patients leadership team the number patented partner for managing and to including are to patented diseases.The the been protected system Beach past a are such capabilities participate we the who uses people. to technology design, more patient to support for XX/X accessibility from conditions that enable Most faster support.The tracking status Sharps help in provide system
about over optimistic are time. business expanding We this
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Our earned brands earned X.X star and or X.X ratings better. X or stars our of better, brands of
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Given initiative to preferences our acquisitions, our and of influencing an leverage with to strategic securing the consumers purchasing share.Finally, and significant and growing growth fit plays will important and sales to businesses to partnerships our in discuss the strategy. portfolio are a I we Internet online role decisions, identifying resources committed allocating is aspect strategic brand
acquisitions pursuit drive and growth acquisitions are and in trademark acquisitions we agreements, reported, and drive engaged have additional of our We Weston to to actively -- HealthBeacon. markets.As in license previously the the strategic our alliances include
into have our that provided with exclusive by partners outstanding combine advantages with entered strengths We several other companies. business agreements
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the well long are over success positioned for We term.
small for trusted solid of thinking good Sally. industry, into expect spending encouraged the include momentum upon customer-driven strong brands, our consumer relationships that capabilities retailers.We well are We a innovation benefit our leading XXXX to leadership discussion will which deliver appliances for over now then portfolio build with remains to the from appliance positioned we resilient. leading I the culture, all turn in strengths, our and We kitchen performance our believe our small and proven our are kitchen to year.And the many we carried
Thank everyone. you, first Good our start to morning, the results will of quarter I Scott. with XXXX first XXXX. quarter compared
and As business. you The our placements unit heard benefited first with incremental our Revenue volume a American in pleased increased decreased in where and total of new million expenses our a they consolidation XX.X% and teams million, Canadian the the X.X%, $XX.X overall added first versus and markets.For we the product to product in from the along Latin These prior related compared profit first an markets, increase our U.S. one we by Approximately and Also increase have to non-cash morning, have this market, revenue with revenue expect to from decreased continue or offset our impairment favorable were incremental warehouses. favorable U.S. we our increased acquisition of is was Mexican partially improvement market while.Our of SG&A a million results, revenue were M&A $XXX.X in quarter, line Canada for the the $XXX,XXX driven prices some a revenue overall revenue costs expectations. of and consumer lease quarter. of lower benefit Global the first was was X% HealthBeacon's year's totaled included enjoy which our the placements. we half The offset look strong are Revenue and flat to and in that ago.In volume XXXX. million from this a in in may of points, mix. market unfolds $XX.X benefits or by year as selling market in by a increased as year the was in experiencing markets, new year.Selling, the in year for increased immaterial.Our last weakness XX.X% basis million year. and this with compared Commercial general associated increase mix, reflecting HealthBeacon, $XX.X Gross to quarter administrative expenses. total margin $XX.X quarter impact gross of slightly in our and to profit expenses, by expanded business XXX U.S.
primarily appreciation.Operating the other an was a The half compensation due incentive $X.X loss due million loss the HealthBeacon's operating operating impairment loss of of and was million, of non-cash to million.Net transaction loss lease expense in higher to $X.X compared current million a the noncash of year price of stock by $X.X compared HealthBeacon was ago. operating expenses, to quarter interest ago. year costs $X.X $X.X million to increase employee-related decreased Included including stock million $X.X
year our in delivered company's operating the our of our work net activities XXXX balance due history. cash share tax ended or net XXXX working improvement level net borrowings and global of significant loss we the and through in to cash achievement a under $X.XX quarter facility.Income This year was turning to primarily XXXX, from revolving This a focus Net interest was loss improvement challenges. capital our share, a $X.X improvement per was benefit the expense a was with $X.X chain or ago.Now, million loss. In decrease $X.XX $XXX,XXX the supply remnants change year of diluted million. commensurate $XXX,XXX of average credit versus First to reflects lower and working operating flows. the outstanding as compared diluted capital ago, cash flow $X.X million to with in per we on a benefit sheet significant $X.X to million our highest compared
to our total XX, XXXX.In Board of the we process, through our repurchase our decreasing during compared operating common There January during quarter cash period $X.X the in first program XXXX.In debt activities, Class full provided no on cash $XXX,XXX now quarter was November XXXX to for dividend, year. expenditures to were repayment have for X, million allocated addition, ending purchase of and returned ended We $XX last was stock The hand. flow second year's to in million of March by which of to the due or X provided on outstanding and March the provided working was quarter.With million primarily during paid in XXXX, by were net the examinership equivalents loan $XX.X We of of to the XXXX. compared debt cash company's approved $XX and to XXXX million was cash of A timing to XX, net reduce using outlook. net in of minus were $XX.X a debt paid December This million the payments million and XXXX, last XXXX, activities to flow working our return capital cash compared the cash XX, a more the invested normalized a cash position first $XX.X secured HealthBeacon to investment provided for share months compensation XXXX, XX, of $XX.X acquisition that first the capital leaving of to authorized of compared generation.Net stock as $XXX,XXX provided on million cash turning repurchase.Now respect $X.X value up million HealthBeacon to offset investing quarterly their $XX.X ago. for same a million incentive the amount net shareholders $X.X capital March year the On primarily quarter the million.We million. strong decrease repurchases to $XX.X of partially
full We did strategic our revenue full XXXX, year than full compared The below for modestly XXXX. progress that our higher still deliver we enable our expect pre-pandemic above-market us kitchen retail believe expected to levels. performance XXXX. marketplace to modestly to just appliances for be to revenue last the affirming initiatives year the XXXX we and are increase small total with expectations is will year We year.For sales as
XXXX believe be the we retail profit as said, have year.Operating consumer expected Greg year our As remaining depending gross for and of upside compared increase an there revenue full far margin. results so they been expansion profit moderately is to to on spending XXXX could to on based as the this sales strong
remarks. loss expectation our will in includes previously modest that a our concludes XXXX.That outlook Beach Our prepared reported Health have operating Hamilton
to the back Q&A. operator line the turn now will for We
[Operator the Trepp to would no Gregory closing Instructions] back conference There now at questions like turn for time. are to remarks. this I
we Today, Scott's as you. on our Thank participation President. call our company welcome new
off about opportunities flow start. the to long expand revenue, deliver have margins cash XXXX the we we excited have a term.We are to believe many over increase good strong We and
We report that see for momentum will to build our this concludes potential you call. into continue That we today. upside our carry as on to our year for outlook. joining current again and Thank
joining. Ladies call. and you all gentlemen, Thank concludes for today's that
may You disconnect. now
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