Hamilton Beach Brands (HBB) Cuộc họp công bố kết quả kinh doanh quý 3 năm 2026: Biên lợi nhuận mở rộng, hạ triển vọng doanh thu

Điểm nhấn chính

• Doanh thu quý 3 tăng 5,6% so với cùng kỳ năm trước lên 140,3 triệu USD, chủ yếu phản ánh sự phục hồi ở mảng kinh doanh tiêu dùng tại Mỹ sau khi các nhà bán lẻ tạm dừng mua hàng trong năm 2025.
• Biên lợi nhuận gộp tăng 640 điểm cơ bản lên 27,5%. Quý cùng kỳ năm trước bao gồm khoảng 5 triệu USD chi phí tăng thêm gắn liền với hàng tồn kho nhập khẩu theo mức thuế quan tạm thời 125% đối với Trung Quốc.
• Lợi nhuận hoạt động tăng 52,6% lên 4,4 triệu USD, trong khi lợi nhuận ròng tăng lên 3,5 triệu USD, tương đương 0,26 USD trên mỗi cổ phiếu pha loãng, từ mức 1,7 triệu USD, tương đương 0,12 USD trên mỗi cổ phiếu pha loãng.
• Hamilton Beach Brands đã hạ triển vọng doanh thu năm 2026 xuống mức gần như đi ngang so với cùng kỳ năm trước, từ kỳ vọng tăng trưởng tiệm cận mức một chữ số bậc trung trước đó, với lý do các nhà bán lẻ thận trọng trong cam kết tồn kho và triển vọng tiêu dùng suy yếu hơn.
• Công ty đã nâng triển vọng năm 2026 đối với dòng tiền từ hoạt động kinh doanh trừ đi hoạt động đầu tư lên 40 triệu - 50 triệu USD, nhờ tác động của vốn lưu động liên quan đến thuế quan dần bình thường hóa.
• Hamilton Beach Health ghi nhận quý thứ năm liên tiếp tăng trưởng có lãi và theo ban lãnh đạo, công ty vẫn đang đi đúng hướng để tăng 50% doanh số trong năm 2026.

Dữ liệu tài chính quan trọng

Chi phí SG&A tăng 9 triệu USD. Mức tăng này bao gồm 4 triệu USD chi phí khen thưởng dựa trên hiệu quả công việc cao hơn, chủ yếu liên quan đến việc giá cổ phiếu tăng, 1,3 triệu USD chi phí khấu hao nhanh cho hệ thống ERP cũ và khoảng 1,6 triệu USD chi phí quảng cáo tăng thêm.

Trong quý, Hamilton Beach Brands đã trả 25 triệu USD nợ, mua lại khoảng 25.000 cổ phiếu với giá xấp xỉ 600.000 USD và chi trả 1,7 triệu USD cổ tức.

Hiệu quả kinh doanh và hoạt động

Mảng kinh doanh tiêu dùng tại Mỹ là động lực chính thúc đẩy tăng trưởng doanh thu quý 3. Mức so sánh hưởng lợi từ việc các nhà bán lẻ tạm dừng mua hàng vào mùa xuân và mùa hè năm 2025, khi khách hàng đánh giá lại lượng hàng tồn kho và giá cả sau khi Mỹ tăng thuế quan.

Các sản phẩm ra mắt trong quý bao gồm hai dòng máy pha cà phê phục vụ một lần cùng các mẫu bàn là, nồi chiên không dầu và nồi nấu đa năng mới. Ban lãnh đạo cho biết chi tiêu tiếp thị tăng sẽ tiếp tục kéo dài sang quý 4 để hỗ trợ mức độ nhận diện sản phẩm và nhu cầu bán lẻ.

Ở phân khúc sản phẩm cao cấp, Lotus Professional đã mở rộng mạng lưới phân phối trực tuyến, trong khi Lotus Signature có đợt ra mắt thử nghiệm trước thềm kế hoạch giới thiệu rộng rãi hơn vào đầu năm 2027. Hamilton Beach Brands cũng dự kiến ra mắt ấm đun nước HB Professional trong quý 4.

Mảng kinh doanh thương mại đã bắt đầu triển khai đợt phân phối đầu tiên máy xay Eclipse Blender tại một chuỗi cà phê hàng đầu quốc gia. Các dòng máy ép trái cây và máy cắt múi thương mại của Sunkist tiếp tục tăng trưởng, với những cải tiến về nguồn cung ứng giúp hỗ trợ biên lợi nhuận. Công ty cũng đang theo đuổi các chương trình tương tự cho khách sạn sau khi cung cấp bàn là và máy sấy tóc cho khoảng 770 địa điểm tại Mỹ của một chuỗi khách sạn quốc gia.

Hamilton Beach Health đã hoàn tất quý thứ năm liên tiếp tăng trưởng có lãi. Nền tảng của đơn vị này đã theo dõi hơn 1,25 triệu mũi tiêm và quản lý 70.000 bệnh nhân trên toàn cầu. Công ty đang chuẩn bị mở rộng ra ngoài phạm vi quản lý thuốc tiêm với một nền tảng quản lý thuốc viên, bước đầu nhắm vào chuyên khoa thấp khớp và tiêu hóa.

Công ty cũng đẩy mạnh chiến lược kỹ thuật số thông qua việc điều chỉnh trang web để phục vụ tìm kiếm bằng AI, thử nghiệm nội dung sản phẩm tối ưu hóa cho AI, chạy thử nghiệm quảng cáo trả phí trên ChatGPT và triển khai một nền tảng mới để đo lường mức độ hiển thị trong tìm kiếm AI.

Dự báo của ban lãnh đạo

Hamilton Beach Brands hiện dự kiến doanh thu năm 2026 sẽ gần như đi ngang so với cùng kỳ năm trước, so với dự báo trước đó là tăng trưởng tiệm cận mức một chữ số bậc trung. Nếu loại trừ phần đóng góp trong năm trước từ thỏa thuận cấp phép Bartesian đã hết hạn, ban lãnh đạo dự báo doanh thu năm 2026 sẽ tăng 3,4% và quý 4 tăng 1,3%.

Ban lãnh đạo tiếp tục kỳ vọng biên lợi nhuận gộp năm 2026 sẽ cải thiện nhẹ so với mức 25,7% của năm 2025. Tuy nhiên, lợi nhuận hoạt động hiện được dự báo sẽ giảm ở vùng cao của khoảng mười mấy phần trăm so với năm 2025 do triển vọng doanh thu thấp hơn và chi phí thù lao khen thưởng phi tiền mặt tăng cao.

Triển vọng lợi nhuận hoạt động bao gồm 6 triệu USD chi phí quảng cáo tăng thêm theo kế hoạch và khoảng 5 triệu USD chi phí khấu hao nhanh không thường xuyên liên quan đến hệ thống ERP cũ.

Công ty đã nâng dự báo năm 2026 đối với dòng tiền từ hoạt động kinh doanh trừ đi tiền sử dụng cho hoạt động đầu tư lên 40 triệu - 50 triệu USD, từ mức 35 triệu - 45 triệu USD trước đó. Triển vọng này không bao gồm khoản hoàn thuế quan IEEPA trị giá 36,5 triệu USD đã nhận trong quý 2 và khoản hoàn thuế bổ sung dự kiến là 4 triệu USD trong quý 4.

Rủi ro và các yếu tố cần theo dõi

Các nhà bán lẻ đã trở nên thận trọng hơn về cam kết tồn kho trong bối cảnh triển vọng tiêu dùng suy yếu, khiến ban lãnh đạo phải hạ kỳ vọng doanh thu quý 4 và cả năm.

Quý 4 cũng đối mặt với mức so sánh khó khăn hơn do doanh số đã phục hồi về mức gần như đi ngang so với cùng kỳ năm trước trong quý 4/2025, sau các đợt sụt giảm ở mức hai chữ số vào giữa năm đó.

Việc thỏa thuận cấp phép Bartesian hết hạn vào cuối năm 2025 tiếp tục gây áp lực lên các so sánh doanh thu được báo cáo. Đầu tư quảng cáo cao hơn, khấu hao nhanh hệ thống ERP và chi phí khen thưởng bằng cổ phiếu cũng đang đè nặng lên triển vọng lợi nhuận hoạt động năm 2026.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Thank you all for standing by. At this time, I would like to welcome everyone to today's Hamilton Beach Brands Quarter 3 2026 Earnings Call. [Operator Instructions] Without further ado, I would like to turn the call over to Brendon Frey, Partner, ICR. Brendon, you have the floor.

Brendon Frey

Thank you. Good afternoon, everyone, and welcome to the Third Quarter 2026 Earnings Conference Call and Webcast for Hamilton Beach Brands. Earlier today after the stock market closed, we issued our third quarter 2026 earnings release, which is available on our corporate website. Our speakers today are Scott Tidey, President and CEO; 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 our prepared remarks or during the Q&A. 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, 2025. The company disclaims any obligation to update these forward-looking statements, which may not be updated until our quarterly conference call -- our next quarterly conference call, if at all. The company will also discuss certain non-GAAP measures. Reconciliation for all Regulation G purposes can be found in our earnings release. With that, I'll now turn it over to Scott. Scott?

R. Tidey

Thank you, Brendon, and good afternoon, everyone. Thank you for joining us today. We are pleased with our third quarter results, which were generally in line with our expectations. The mid-single-digit net sales increase we delivered was driven primarily by the continued recovery of the U.S. consumer business we lost last year. As you will recall, several retailers paused purchasing in the spring and summer of 2025 to reevaluate their inventory levels in response to the implementation of higher tariffs. The year-over-year change in the tariff environment also significantly improved gross margin. In last year's third quarter, we incurred about $5 million in incremental costs as we sold through inventory imported earlier in 2025 under the temporary 125% China tariff rate. This year, we benefited from sales of inventory through our foreign trade zone that was not subject to additional tariffs.

These factors combined to fuel a 640 basis point improvement in gross margin. Higher sales and higher gross margins were partially offset by increased spending, including our planned incremental investment in top-of-the-funnel advertising programs designed to broaden awareness of our brands, support our innovation pipeline, and drive consumer demand. In addition, this year's SG&A included higher non-cash expenses related to the accelerated depreciation of our legacy ERP system and stock-based compensation expense due to the appreciation in our stock price during the quarter. Despite these headwinds, we increased operating profit by over 50% compared to the third quarter of last year.

Turning now to our five strategic growth pillars. I want to update you on the progress we've made during the third quarter. Across these initiatives, our priorities are clear: Strengthen demand of our consumer brands through innovation and marketing, expand our higher-margin commercial and health businesses, and build the digital capabilities needed to support sustainable growth. Starting with driving growth of our core business. We continue to execute against our new product pipeline with several launches in the quarter. Our increased marketing investment is intended to build awareness of these innovations, strengthen consumer demand, and support their growth at retail. We introduced two new single-serve coffee platforms, bringing much needed innovation to the category, as well as several new irons, air fryers and multi-cooker products.

In addition to the positive response from the consumers to the innovation we are bringing to market, it is always rewarding to be acknowledged by the media. Our Sandwich Stacker, which we launched earlier this year, was recently recognized with the Good Housekeeping 2027 Kitchen Gear Award. Our commitment and focus on innovation are translating into growth across multiple categories with our key mass market retail partners, which we are supporting with increased marketing investments throughout the fourth quarter.

Moving to gaining a larger share in the premium market. On the heels of a broader market launch last quarter, Lotus Professional expanded its distribution online, while Lotus Signature soft launched in Q3 ahead of its broader launch earlier next year. The initial reception of Lotus, our newest company-owned premium brand, has been very strong with the Lotus Professional Blender and Lotus Signature Coffeemaker also receiving Good Housekeeping Awards this quarter. Our CHI partnership also had a strong quarter, receiving three HGTV Clean Home Awards, and we have a full chain expansion planned at a leading department store.

Looking ahead, we will be launching our HB Professional Kettle in the fourth quarter, the first in a series of reimagined products under our new experience brand language with additional HB Professional products still in development. Turning to leading in the global commercial market. Q3 was highlighted by the initial launch of our Eclipse Blender at a leading national coffee chain, as well as continued growth of our Sunkist commercial juicers and sectionizers. As we begin year two of this partnership with Sunkist, we are excited by the topline momentum and improvements we are making in product sourcing that are enhancing the margin profile of the business. This progress represents an important step in our strategy of increasing the contribution from our higher-margin commercial line of business.

As I mentioned last call, we added our irons and hair dryers to a national hotel chain across approximately 770 U.S. locations. And during the third quarter, made progress toward replicating the same program with 6 to 7 additional flagship chains. Looking ahead, we are gearing up for the launch of our high-performance Titan Food Processor, targeting roughly 90 million global food processor market. Several regional food chains recently tested the product and the feedback on the features and pricing was very positive. Moving to accelerating our digital transformation. Our work towards ensuring Hamilton Beach stays discoverable and preferred as consumers' shopping shifts to AI-driven search accelerated in the third quarter.

To start, we implemented initial website improvements to support search and AI-generated demand, while also advancing our testing of AI optimized product content ahead of a broader deployment. We also launched our paid ChatGPT advertising pilot and have begun collecting early campaign insights. And finally, we activated a new AI search measurement platform to benchmark our visibility against competitors. Next steps include building out AI-ready catalog data, additional platform integrations, evaluating our pilots, and connecting AI visibility more directly to sales.

Finally, on accelerating growth of Hamilton Beach Health. Q3 was our fifth consecutive quarter of profitable growth, and we remain on track to increase sales by 50% in 2026. Health is becoming another meaningful contributor to our strategy of expanding higher-margin businesses with attractive long-term growth opportunities. We recently surpassed more than 1.25 million injections tracked and 70,000 patients managed across our platforms globally by our expanding network of specialty pharmacy and pharmaceutical company partnerships, as well as increased auto enrollment and improved Medicare and Medicaid access that is helping fuel higher participation.

This figure is set to rise as we expand our connected medical device platform beyond our core injectable medication management with the upcoming launch of our pill management platform, which is designed to improve medication adherence and provide valuable patient feedback. We are initially targeting rheumatology and gastroenterology areas with plans to expand to other therapeutic areas as we validate the platform's effectiveness. This expansion represents a significant opportunity to address additional patient pain points and grow our distribution network with large specialty pharmacies.

In closing, distribution and sell-through of our brands and products has remained solid. However, retailers have become more cautious with their inventory commitments amid a softer consumer outlook. As a result, we now expect fourth quarter sales to be lower than previously anticipated and have revised our full year outlook accordingly. While we have reduced our near-term guidance, we remain positive about our prospects for future growth. We are continuing to invest behind our brands and innovation pipeline to strengthen consumer demand, while expanding our high-margin commercial and Hamilton Beach Health businesses.

Together, these efforts are strengthening our growth profile and creating a more diversified business. We believe this progress positions us well to navigate the near term and capitalize on market opportunities as the economic backdrop improves. I want to thank our teams for their continued hard work and execution this quarter. With that, I'll turn it over to Sally.

Sally Cunningham

Good afternoon, everyone. As Scott mentioned, we are pleased with our third quarter performance. We delivered results in line with our expectations with solid sell-through of our brands and products despite the continued uncertain consumer environment. For the third quarter, revenue was $140.3 million, up 5.6% compared to $132.8 million a year ago. The increase was driven primarily by the recovery of our U.S. consumer business as retailers paused buying in the year ago period while they assessed inventory levels and price increases following the implementation of higher U.S. tariffs in April 2025.

Turning to gross profit and margin. Gross profit was $38.5 million in the quarter compared to $28 million in the year ago period. And the gross profit margin was 27.5% compared to 21.1% in last year's third quarter. The significant improvement in gross profit margin reflects the change in the tariff environment year-over-year. A year ago, we incurred approximately $5 million in incremental costs as we sold through inventory imported under the temporary 125% China tariffs. This year, we benefited from the sell-through of inventory in our free trade zone that was priced in anticipation of IEEPA tariffs, which were eliminated following the Supreme Court ruling in February.

Selling, general and administrative expenses increased to $34.2 million compared to $25.2 million in the third quarter of 2025. The $9 million year-over-year increase was driven by three primary factors, two of which were noncash. The first was $4 million in higher performance-based incentive expense, primarily due to the appreciation in our stock price during the third quarter. The second was $1.3 million in accelerated depreciation of our legacy ERP system, which we are in the process of replacing. We also invested approximately $1.6 million more in advertising, primarily in top-of-funnel programs designed to broaden awareness of our brands and drive consumer demand.

For the third quarter, our operating profit increased $1.5 million or 52.6% to $4.4 million compared to $2.9 million in the third quarter of 2025, driven by higher revenue and higher gross margins, which more than offset the aforementioned increase in expenses. Income tax was $1.6 million compared to $372,000 in the third quarter of 2025, and our tax rate was 31.6% this year compared to 18.4% last year. The higher tax rate in 2026 reflects a favorable discrete tax benefit recognized in the third quarter of 2025 that did not recur in 2026. Net income in the third quarter was $3.5 million or $0.26 per diluted share compared to net income of $1.7 million or $0.12 per diluted share a year ago.

Now turning to our balance sheet and cash flows. For the nine months ended September 30, 2026, net cash provided by operating activities was $80.5 million compared to $14.6 million used in operating activities for the nine months ended September 30, 2025. The increase was primarily driven by IEEPA tariff refunds and lower working capital due to lower inventory levels. Inventory on September 30, 2026, was $138.7 million, down 20.6% from $174.8 million on September 30, 2025. During the third quarter of 2026, we allocated our cash flow to pay down $25 million in debt, repurchased approximately 25,000 shares, totaling about $600,000, and paid $1.7 million in dividends. At the end of the third quarter, our net cash position was $67.5 million compared to a net debt of $32.8 million on September 30, 2025.

Now turning to our outlook for 2026. As a reminder, our outlook excludes the benefit from the $36.5 million IEEPA tariff refund we received in the second quarter and the additional $4 million IEEPA tariff refund anticipated in the fourth quarter. As Scott said at the top of our prepared remarks, third quarter results were in line with our expectations and sell-through of our brands and products has remained solid. However, retailers have become more cautious with their inventory commitments and the softer consumer outlook. As a result, we now expect fourth quarter sales to be lower than previously anticipated. The company now expects 2026 revenue to be flat year-over-year compared with our prior view for growth approaching the mid-single-digit range. We are also facing a more challenging comparison in the fourth quarter as sales recovered to approximately flat year-over-year in the fourth quarter of 2025, following double-digit declines in the middle of last year.

Our revenue forecast continues to reflect the expiration of our Bartesian licensing agreement at the end of 2025. Excluding Bartesian's contribution from last year, 2026 and Q4 revenue are forecasted to increase 3.4% and 1.3%, respectively. Despite the lower revenue outlook, we still expect 2026 gross margins to improve modestly over 2025's gross margin of 25.7%, which is up from our initial outlook at the start of the year for gross margins to be similar to slightly better. Based on the lower revenue outlook and higher non-cash incentive compensation expense related to the appreciation in our share price, we now expect operating profit to decline in the high teens on a percentage basis compared with 2025. The forecasted operating profit continues to reflect an incremental $6 million of planned advertising spend in support of the company's strategic growth initiatives and approximately $5 million in non-recurring accelerated depreciation associated with the company's legacy ERP system.

Importantly, despite the revised revenue and operating profit outlook, we are increasing our cash flow expectations for the year. Cash flow from operating activities less cash used for investing activities for 2026 is now expected to be in the range of $40 million to $50 million, up from the previous expectations of $35 million to $45 million, primarily due to the normalization of tariff-related impacts on net working capital. To close, we are pleased with our performance year-to-date and are confident that the work we are doing to drive consumer demand and increased penetration of our higher-margin commercial and health business has the company in a good position to deliver sustainable growth and increase shareholder value over the medium- to long-term. This concludes our prepared remarks. We will now turn the line back over to the operator for Q&A.

Operator

[Operator Instructions] There are no questions at this time. This concludes our question-and-answer session, and that also includes our call for today. Thank you all for joining. You may now disconnect.