LANCASTER, PA — Burnham Holdings, Inc. (OTC-Pink: BURCA) reported solid third-quarter results for 2025, marking continued progress in its strategic transformation. The Lancaster-based manufacturer of residential, commercial, and industrial boilers achieved higher sales, improved margins, and a significant earnings increase as it sharpened focus on core operations.
Net sales climbed to $58.3 million for the quarter, a 5.3% increase over the same period in 2024. Year-to-date sales rose 9% to $167 million. Gross profit margin reached 19.6%, up from 18.2% last year, reflecting operational efficiencies in the company’s commercial business segments. Net income surged to $1.6 million, or $0.34 per diluted share, compared to $0.6 million a year ago. Adjusted EBITDA rose to $2.9 million, representing 4.9% of sales, up from 4.2% in 2024.
President and CEO Chris Drew credited the results to disciplined execution and a unified growth strategy. “We achieved solid net sales and profitability growth in the third quarter highlighted by the continued strong execution of our operating subsidiaries and broader unified strategy,” Drew said. “In addition to our positive results, we significantly de-risked our pension obligations that will provide us with greater financial flexibility and support our future operations.”
The company’s portfolio realignment, which included the divestiture of subsidiaries Thermo Pride and Norwood Manufacturing, has refocused Burnham’s resources on high-growth areas such as industrial services and commercial heating solutions. Earlier this year, Burnham also began winding down production at Crown Boiler to improve efficiency and streamline manufacturing.
In a move to reduce long-term liabilities, Burnham transferred about $90 million in pension obligations for roughly 1,000 retirees to a third-party insurer. The company expects to record a non-cash, pre-tax settlement charge of approximately $20.8 million in the fourth quarter as a result of the transaction.
Year-to-date, Burnham has more than doubled its earnings, reporting $9.9 million in net income versus $4.4 million during the first nine months of 2024. Adjusted diluted earnings per share rose to $1.15 from $0.93.
Despite ongoing litigation involving subsidiary Burnham LLC in the New York asbestos case Maffei v. A.O. Smith Water Products Co., the company said it is exploring further appeal options, including the potential for a petition to the U.S. Supreme Court. The compensatory damages portion of the verdict is covered by insurance, while punitive damages may be subject to additional claims.
Burnham Holdings, headquartered in Lancaster, is the parent company of several boiler manufacturing and service subsidiaries serving residential and industrial markets nationwide.
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