Fasteners and other hardware products distributor Hillman Solutions reported its 2024 second quarter financial results and two leadership changes on Aug. 6.

New Leadership

The Cincinnati-based company announced the promotion of its current COO, John Michael Adinolfi, to the position of President and CEO.

Hillman’s current Chairman, President and CEO, Doug Cahill, will transition to Executive Chairman, effective Jan. 1.

2Q Financials

Hillman posted total 2Q sales of $379.4 million, down 0.2% year-over-year.

The company’s 2Q adjusted gross margin jumped 530 basis points year-over-year to 48.2%.

Hillman’s 2Q adjusted EBITDA of $120.7 million on 16.65 % average margin topped the $98.2 million and 14.6% margin of a year earlier.

By business unit in 2Q:

• Hardware & Protective sales of $278 million increased 3,5% year-over-year — driven by the company’s acquisition of Koch and new business — with adjusted EBITDA up 56.7% as margin of 15.7% increased 530 bps.
• Robotics & Digital sales of $57 million fell 8%, with adjusted EBITDA down 19.9% as margin of 31.8% fell 430 bps.
• Canada sales of $43 million decreased 10.1%, with adjusted EBITDA down 15.2% as margin of 14.7% decreased 90 bps.

In updating its full year outlook, Hillman — No. 5 on MDM’s Top Distributor’s List for Fasteners, No. 22 for Industrial Supplies and No. 16 for MRO — said it now expects 2024 sales to be between $1.44 to $1.48 billion.