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Sep 30, 2022
Hudson Q3 2022 Earnings Report
Hudson reported record revenues, improved margins, and enhanced profitability.
Key Takeaways
Hudson Technologies reported a strong third quarter with record revenues of $89.5 million, a 48% increase compared to the previous year. The company's gross margin increased to 49%, and operating income reached $36.3 million. Net income was $29.4 million, or $0.65 per basic share and $0.62 per diluted share.
Revenue increased by 48% compared to the same period in 2021, reaching $89.5 million.
Gross margin improved to 49% due to higher selling prices.
Operating income was $36.3 million, up from $16.9 million in the prior year period.
Net income reached $29.4 million, or $0.65 per basic share and $0.62 per diluted share.
Hudson
Hudson
Forward Guidance
Hudson expects the AIM Act phasedown to provide an inflection point for their business as the industry relies on reclaimed refrigerant. They are positioned to fill the HFC supply gap as virgin production is phased down.
Positive Outlook
- Well positioned to meet longer-term targets.
- Ongoing stepdown in HFC production and consumption allowances mandated by the AIM Act.
- Expects phasedown to provide an inflection point for business.
- Industry begins to rely on reclaimed refrigerant to meet its HFC needs.
- Uniquely positioned to fill the anticipated HFC supply gap as virgin production is phased down.