LANCASTER, PA — Burnham Holdings, Inc. (OTC-Pink: BURCA) has announced its financial results for the third quarter of 2024, showcasing a robust performance marked by increased net sales and improved earnings. The company reported net sales of $64.7 million, reflecting an 8.3% increase compared to the same period in 2023. For the first nine months of 2024, net sales reached $176.1 million, up from $171.4 million in the previous year.
The company faced challenges with its gross profit margin, which stood at 19.3% for the third quarter, down from 20.5% in 2023. Year-to-date figures showed a slight decline to 21.6% from 22.0% last year, primarily due to product mix issues and temporary inefficiencies.
Selling, general, and administrative (SG&A) expenses saw a rise, increasing by $1.4 million for the quarter and $2.0 million year-to-date, largely driven by uninsured litigation settlements. However, when adjusted for these impacts, SG&A as a percentage of sales improved to 15.6% from 17.1% in the previous year.
Adjusted EBITDA for the first nine months reached $12.8 million, a 7.3% margin, up from $12.0 million, or 7.0%, in 2023. Adjusted net income for the quarter more than doubled to $1.7 million from $0.8 million last year. Likewise, adjusted diluted earnings per share increased to $0.37 from $0.17, and $1.18 year-to-date compared to $1.03 in 2023.
Product sales reflected varied performance, with residential sales up by 2.2% for the quarter but down 5.1% year-to-date. In contrast, commercial product sales surged by 20.8% for the quarter and 13.0% year-to-date. The service and rentals sectors contributed $1.8 million for the quarter and $6.3 million year-to-date.
Burnham Holdings also reported a significant reduction in average debt levels on its revolving credit facility, decreasing by approximately $10.6 million for the quarter compared to last year. The company continues to assess its working capital to support production needs and future growth.
Overall, Burnham Holdings remains optimistic about its order flow and current backlogs, which align with expected seasonal patterns.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.