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Hamilton Beach Brands Holding Co (NYSE:HBB), a company currently valued at $275 million, announced on Monday that John P. Jumper will not seek re-election to its Board of Directors. The notice came ahead of the company’s scheduled Annual Meeting of Stockholders, which is expected to occur around May 8, 2025.
Jumper’s decision not to stand for re-election does not stem from any disagreements with the company, as per the statement provided in the 8-K filing with the Securities and Exchange Commission. His departure from the board is set to take effect following the end of his current term. Hamilton Beach, a manufacturer of electric housewares and fans with a track record of maintaining dividend payments for nine consecutive years, has not indicated any immediate plans for a successor or how this change may affect the board’s composition moving forward.
The company, headquartered in Glen Allen, Virginia, is well-known for its range of small kitchen appliances and remains a staple in the industry with a broad market presence. According to InvestingPro data, the company maintains strong financials with a healthy current ratio of 1.97 and operates with moderate debt levels.
As of now, Hamilton Beach has not released further details regarding Jumper’s decision or potential candidates for the upcoming vacancy on the board. Shareholders and the market will be looking forward to updates on the transition as the annual meeting approaches.
This development is based on the latest filings with the SEC and reflects the company’s current corporate governance events.
In other recent news, Hamilton Beach Brands Holding Co. reported its Q4 2024 earnings, showcasing a solid financial performance with earnings per share (EPS) of $1.75, surpassing market expectations. The company achieved a total revenue of $213.5 million for the quarter, marking a 3.3% increase compared to the previous year. This growth was attributed to strong performance in the U.S. consumer market and market share gains in Mexico. Hamilton Beach’s full-year 2024 net revenue reached $654.7 million, reflecting a 4.6% increase, while the gross margin improved by 300 basis points to 26%.
The company also announced the launch of new products, including the FlexBrew 5-in-1 coffee maker, and expanded its market share in Mexico, becoming the third-largest small appliance brand. Furthermore, Hamilton Beach’s strategic initiatives, such as product innovation and operational improvements, contributed significantly to these positive results. In terms of analyst coverage, the company’s performance was positively received, with its EPS and revenue figures exceeding forecasts. Looking forward, Hamilton Beach plans to continue its growth trajectory, with projections for mid-single-digit revenue growth in 2025.
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