Burnham Holdings, Inc. Records Exceptional Financial Results for 2024 with Dividend Declaration

Burnham Holdings, Inc. Achieves Record Financial Performance for 2024

On February 20, 2025, Burnham Holdings, Inc. (ticker: BURCA) unveiled its financial results for the fourth quarter and full year of 2024, marking unprecedented milestones in net sales, net income, and earnings per share. The company set new records, with net sales reaching $94.1 million in Q4 2024—an impressive increase of $12.5 million (15.4%) over the same quarter last year. For the entire year, net sales totaled $270.2 million, reflecting a $17.2 million (6.8%) growth compared to 2023.

The gross profit margin stood at 24.4% for Q4 2024, slightly lower than the previous year’s 26.9%. Yearly gross profit margins were reported at 22.6% for 2024, down from 23.6% in 2023. The decline was attributed to a combination of product mix variations and temporary inefficiencies due to unplanned downtime.

Administrative and selling expenses showed mixed results, decreasing by $0.6 million in Q4 but increasing by $1.4 million for the year. This rise in expenses included adjustments related to reserve allocations for uninsured litigation settlements. When excluding these factors, the adjusted selling, general, and administrative expense as a percentage of sales was significantly lower at 10.2% for Q4 2024, compared to 15.9% for Q4 2023.

Furthermore, an adjusted EBITDA of $27.6 million (10.2% of total revenues) for the fiscal year demonstrated a marked improvement from $20.2 million (8.0%) in the prior year. The net income for 2024 reached a record $12 million, surpassing 2023's $9.4 million. Adjusted net income excluding reserve adjustments soared to $15.3 million, illustrating strong operational growth.

In 2024, residential product sales grew by 3% year-over-year, while commercial product sales outperformed with an 8.8% increase. The innovative Thermal InMotion technology proved invaluable, allowing BHI to tap into new HVAC market segments. The service and rentals division also saw substantial growth, contributing $8.8 million in 2024, up from $2.6 million in 2023.

Debt management was another highlight, as the average levels on Burnham's revolving credit line decreased significantly, by $2.3 million in Q4 2024, and $7.8 million year-over-year. This prudent fiscal strategy emphasizes the company's focus on adequate working capital management to sustain production levels and bolster future growth initiatives.

On the dividend front, the Board of Directors announced a quarterly dividend of $0.23 per share, payable on March 27, 2025, with a record date of March 20, 2025. The Board has also made amendments to its bylaws, allowing for electronic communications to shareholders regarding notices and meetings.

Looking ahead, Burnham Holdings, Inc. is set to convene its annual shareholder meeting virtually on April 28, 2025. With a record date of March 3, 2025, this meeting will provide an essential platform to discuss the company's continued growth strategies and performance.

About Burnham Holdings, Inc.

Burnham Holdings, Inc. is the parent organization overseeing several subsidiaries recognized as leaders in manufacturing boilers, furnaces, and HVAC products for a diverse range of applications across residential, commercial, and industrial markets. Listed on the OTC Exchange, Burnham continues to be at the forefront of innovation in the HVAC sector. For further information, visit www.burnhamholdings.com.