SARASOTA, FL—Helios Technologies, Inc. (NYSE:), a company specializing in miscellaneous fabricated metal products, announced the results of its 2024 Annual Meeting of Shareholders held on June 6, 2024. Shareholders voted on three key proposals, with significant outcomes that will shape the company’s governance and operations in the near future.
The first proposal concerned the election of directors, where Josef Matosevic was re-elected to the company’s board to serve until the 2027 Annual Meeting. The voting results showed strong support for Matosevic, with 27,639,161 votes in favor, 1,427,362 against, and 72,287 withheld. There were also 910,002 broker non-votes.
In the second proposal, shareholders ratified the appointment of Grant Thornton LLP as Helios Technologies’ independent registered public accounting firm for the fiscal year ending December 28, 2024. The accounting firm received overwhelming approval with 29,646,700 votes for, 365,410 against, and 36,699 abstentions.
The third proposal, an advisory vote on executive compensation, saw a more divided outcome. While the compensation was approved, the results were closer, with 18,241,497 votes for, 10,559,159 against, and 338,151 abstentions. There were also 910,002 broker non-votes on this proposal.
A quorum was present at the meeting, with 30,048,809 shares represented in person or by proxy out of the 33,159,682 shares of common stock outstanding and entitled to vote.
The company’s filing with the Securities and Exchange Commission (SEC) on June 26, 2024, confirms these results. Helios Technologies, previously known as Sun Hydraulics Corp, is incorporated in Florida and has its principal executive offices in Sarasota, FL.
This news is based on a press release statement and provides a factual account of the decisions made by Helios Technologies’ shareholders at their recent annual meeting.
“In other recent news, Helios Technologies reported a strong start to 2024 with first-quarter financial results exceeding expectations. The company posted sales of $212 million, primarily driven by increased demand and successful order fulfillment across all regions. Helios Technologies announced an entry into the commercial food service industry, partnering with WaterGuru in a move indicative of a diversified growth strategy.
The company’s electronics segment saw a 17% sales growth, contributing to a considerable operating income increase of 610% compared to the last quarter of 2023. Helios Technologies also announced a restructuring of its debt through an amended credit agreement, extending its debt maturity to June 25, 2029, and increasing its revolving credit facility from $400 million to $500 million.
The company anticipates sales between $840 to $860 million and adjusted EBITDA between 19.5% to 21% for 2024. Despite contractions in Europe’s agricultural and mobile industries, Helios Technologies remains optimistic about its growth prospects, particularly in the health and wellness sector and the commercial food service market. These recent developments underscore Helios Technologies’ ongoing success in the global market.”
InvestingPro Insights
Following the recent shareholder meeting outcomes for Helios Technologies, Inc. (NYSE:HLIO), an in-depth look at the company’s financial metrics via InvestingPro provides a comprehensive picture for investors. With a market capitalization of $1.6 billion, Helios Technologies trades at a P/E ratio of 38.21 based on the last twelve months as of Q1 2024, signaling a high earnings multiple that investors may wish to consider.
Despite a slight revenue decline of 2.76% over the last twelve months, the company’s solid gross profit margin of 31.68% demonstrates its ability to maintain profitability. Moreover, Helios Technologies has upheld its dividend payments for an impressive 28 consecutive years, offering a dividend yield of 0.74% as of the latest dividend ex-date, April 3, 2024.
For investors seeking further insights, InvestingPro offers additional tips on Helios Technologies, including expectations for net income growth this year and a note of caution with three analysts revising their earnings estimates downwards for the upcoming period. Moreover, the company’s liquid assets surpassing short-term obligations and a consistent profitability track record over the last twelve months suggest a stable financial footing.
To explore more exclusive insights and analytics, consider subscribing to InvestingPro with the special coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 6 more InvestingPro Tips available, investors can gain a deeper understanding of Helios Technologies’ financial health and market position.
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