SARASOTA, Fla. - Helios Technologies, Inc. (NYSE: NYSE:HLIO), a $1.48 billion market cap company known for its specialized motion control and electronic controls technology, has announced the immediate promotion of Sean P. Bagan to President and Chief Executive Officer. According to InvestingPro data, the company maintains strong financials with a current ratio of 3.03, indicating robust liquidity. The announcement, made today, also includes Bagan's nomination to the Company's Board of Directors, with the election set for the June 2025 Annual Meeting.
Bagan has been serving as the Interim President, CEO, and Chief Financial Officer since July 8, 2024, and will maintain his CFO role until a replacement is found. The Board, having engaged an external search firm, selected Bagan after a comprehensive search among internal and external candidates. Philippe Lemaitre will continue as Non-Executive Chairman.
In his comments, Lemaitre expressed confidence in Bagan's leadership and his ability to propel Helios Technologies forward, citing his strategic mindset and passion for the business. Bagan's tenure as interim leader saw him guide operations and focus on talent development within the organization.
Bagan expressed his gratitude for the opportunity to lead Helios Technologies and emphasized the company's commitment to customer-centric solutions and innovation. He acknowledged the Board's continued support and confidence in his leadership.
Prior to his roles at Helios, Bagan spent 23 years at Polaris (NYSE:PII) Inc., where he developed extensive experience in international business and strategic financial operations. His educational background includes a B.A. in Accounting and Management from St. John’s University, a General Management Certificate from Cambridge University's Judge Business School, and a CPA (Inactive) Certificate from Minnesota.
Helios Technologies, with a presence in over 90 countries, aims to be a niche market leader through innovative product development and acquisitions. The company has maintained dividend payments for 29 consecutive years, with a current dividend yield of 0.81%. InvestingPro subscribers can access detailed analysis of Helios's financial health, including comprehensive metrics and expert insights available in the Pro Research Report, which covers over 1,400 US stocks.
This news is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. Factors that could impact the company's performance include global economic trends, supply chain disruptions, market conditions, and geopolitical events, among others. The company currently maintains profitability with an EBITDA of $156.4 million over the last twelve months, though InvestingPro data shows that five analysts have revised their earnings downwards for the upcoming period.
In other recent news, Helios Technologies reported a mixed third-quarter financial performance, noting a slight decline in sales but improvements in gross margins and adjusted EBITDA margins. Q3 sales reached $195 million, marking a 3% year-over-year decline, while gross margins improved by 150 basis points to 11.4%, and adjusted EBITDA margins expanded to between 19.0% and 19.6%. The company faced operational disruptions due to hurricanes but maintained a strong cash position of $47 million and continued its commitment to debt reduction and innovation.
Despite a year-to-date decline in sales, Helios improved its gross and adjusted EBITDA margins. The company's full-year sales guidance was adjusted to between $800 million and $805 million due to market weakness and the impact of hurricanes. However, the company remains optimistic about the future, expecting recovery in end markets and capitalizing on growth opportunities.
In terms of analysts' views, the company's performance was seen as mixed. While the company did not meet the targeted $225 million revenue level in the first half of the year, it showed improvements in key financial metrics. It's worth noting that the company plans to continue a strong dividend history, with 111 consecutive quarters of payouts. These are the recent developments for Helios Technologies.
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