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Hamilton Beach Brands Holding Company (NYSE:HBB) Q1 2024 Earnings Call Transcript

Hamilton Beach Brands Holding Company (NYSE:HBB) Q1 2024 Earnings Call Transcript May 12, 2024

Hamilton Beach Brands Holding Company isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Thank you for standing by. My name is Dee [ph] and I will be your conference operator today. At this time, I would like to welcome everyone to the Hamilton Beach Brands Holding Company First Quarter 2024 Earnings Call and Webcast. [Operator Instructions] I would now like to turn the call over to Lou Nabhan, Head of Investor Relations. Please go ahead.

Lou Nabhan: Thank you Dee and good morning everyone. Welcome to our first quarter 2024 earnings conference call and webcast. Yesterday after the stock market closed, we filed with the SEC our form 10-Q for the quarter ending March 31, 2024. And we issued our first quarter 2024 earnings release. Copies of those documents are available on our corporate website. Our speakers today are Greg Trepp, Chief Executive Officer, Scott Tidey, President and Sally Cunningham, Senior Vice President, Chief Financial Officer and Treasurer. Our presentation today includes forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in either the prepared remarks or during the Q&A.

A customer holding a hot air fryer in their kitchen, the convection current visible.
A customer holding a hot air fryer in their kitchen, the convection current visible.

Additional information regarding these risks and uncertainties is available in our 10-Q. Our earnings release and our Annual Report on form 10-K for the year ended December 31, 2023. The company disclaims any obligation to update these forward-looking statements which may not be updated until our next quarterly conference call, if at all. And now I will turn the call over to Greg.

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Gregory Trepp: Thank you Lou Anne. Good morning, everyone. Thank you for joining us. Our agenda today is that I will make some opening comments, Scott will report on our strategic initiatives, Sally will discuss our first quarter financial results. After that we will take your questions. We were pleased with our first quarter results which were in line with our expectations. You're off to a solid start in 2024 after we delivered a strong performance in the second half of 2023 and built momentum that carried into this year. We are affirming our outlook for the full year 2024 and we believe there could be upside if consumer spending and retail sales continue to be as strong as they have been. While Sally will discuss our first quarter financial results in detail, I would like to make a few high level comments.

As we have reported on February 2 this year, our Hamilton Beach Health subsidiary acquired a company called HealthBeacon which is a medical technology company and a strategic partner of ours since 2021. Our first quarter includes 2 months of HealthBeacon results. We are very excited about this acquisition. Let me provide some brief contexts regarding our enthusiasm. 3 years ago, we determined that the large and fast growing home health and wellness market was an attractive opportunity for our company. We took particular note of our emerging growth categories for home, health care management, forming a partnership with HealthBeacon was our first venture into that space. HealthBeacon needed a partner to help it gain visibility and distribution in the U.S. market for its pioneering product.

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To continue reading the Q&A session, please click here.