Revenue and Gross Profit Growth
For the first 9 months of 2024, revenue grew by 5.3% compared to the same period last year. Gross profit margin expanded by 480 basis points to 25.9%.
Third Quarter Financial Performance
In Q3 2024, revenue increased by 2% compared to the same period last year, with a gross profit margin expansion of 190 basis points.
Premium Market Expansion
The company is gaining share in the premium market, which is growing faster than the overall market, through owned brands and partnerships.
Commercial Market Growth Potential
The global commercial market represents significant growth potential, with investments in higher-margin products and strategic partnerships.
Hamilton Beach Health Initiative
Acquisition of HealthBeacon aims to accelerate growth in home health care management, with expected contributions to operating profit in 2025.
Strong Cash Flow and Debt Reduction
Net cash provided by operating activities was $35.2 million for the first 9 months of 2024, with net debt reduced to $22.5 million from $49.7 million.