Fasteners and other hardware products distributor Hillman Solutions reported its 2024 third quarter financial results on Nov. 5, showing a decrease in net sales while margins improved year-over-year.

The Cincinnati-based company posted total 3Q sales of $393.3 million, down 1.4% year-over-year, while a net profit totaled $7.4 million improved up from the reported $5.1 million in the same period a year prior.

Hillman’s 3Q adjusted gross margin jumped 400 basis points year-over-year to 48.2%.

Hillman’s 3Q adjusted EBITDA of $72.6 million on 18.4% margin topped the $66.8 million and 16.7% margin of a year earlier.

By Business Unit in 3Q:

• Hardware & Protective sales of $295.8 million increased 0.1% year-over-year, driven by Koch and Intex acquisitions and new business. Adjusted EBITDA of $48.7 million on a 16.5% margin was up from the $40.6 million/13.8% margin a year earlier.
• Robotics & Digital sales of $60.1 million fell 5.3% year-over-year, driven by the sequential decline narrowing by Minutekey. Adjusted EBITDA of $19.3 million on a 32.2% margin decline by 9.4% and 140 bps year-over-year, respectively.
• Canada sales of $37.3 million decreased by 6.5% year-over-year, attributed to a soft market and economy, offset by new wins. Adjusted EBITDA of $4.5 million declined by 6.5%, while margin remained unchanged year-over-year.

During the quarter, Hillman announced that current COO Jon Michael Adinolfi (“JMA”) will become President and CEO on Jan. 1. Additionally, the company acquired cleaning supplies distributor Intex DIT. Those news items were shared Aug. 6 and Aug. 26, respectively.

The company was No. 5 on MDM’s Top Distributors List for Fasteners and No. 22 for Industrial Supplies.