LANCASTER, PA — Burnham Holdings, Inc. (OTC-Pink: BURCA) has announced record-setting financial results for the fourth quarter and full year of 2024, achieving all-time highs in net sales, net income, and earnings per share.
Net sales for the fourth quarter reached $94.1 million, a 15.4% increase compared to the same period in 2023. Full-year net sales totaled $270.2 million, marking a 6.8% improvement from 2023 and surpassing the company’s previous sales record. Net income for the year soared to $12.0 million, up from $9.4 million last year, while adjusted net income rose to $15.3 million, reflecting Burnham’s strong operational performance. Full-year adjusted diluted earnings per share were $3.23, a significant increase from $2.02 in 2023.
Residential product sales increased by 3% year-over-year, while the commercial segment grew by 8.8%, driven by strong demand. Additionally, the company’s Thermal InMotion initiative continued to open new revenue streams in the HVAC industry. Burnham’s service and rentals business significantly contributed, generating $8.8 million in revenue in 2024 compared to just $2.6 million in 2023.
Gross profit margins were affected by product mix and temporary inefficiencies, with a fourth-quarter margin of 24.4%, down from 26.9% in 2023. Despite these challenges, Burnham’s strategic cost controls led to improved adjusted EBITDA, which climbed to $27.6 million, or 10.2% of net sales, for the year, up from $20.2 million, or 8.0%, in 2023.
The company also made progress in reducing debt. Average levels on its revolving credit facility were $2.3 million lower in the fourth quarter of 2024 compared to 2023, and year-over-year, the average debt decreased by $7.8 million. This financial discipline positions Burnham Holdings to support production growth and fund future initiatives.
Burnham Holdings continues to reward shareholders, with its Board of Directors declaring a quarterly dividend of $0.23 per common share, payable on March 27, 2025. The Board also amended company bylaws to enable shareholder and director communications via electronic mail, reflecting its commitment to modernization and transparency.
The company’s Annual Meeting is scheduled for April 28, 2025, to be held virtually via a secure platform.
With its 2024 record-breaking results and a growing portfolio of initiatives, Burnham Holdings is entering 2025 poised for continued success. The company anticipates stable order flows and is committed to driving innovation, efficiency, and shareholder value throughout the year.
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