Hudson Q3 2023 Earnings Report
Key Takeaways
Hudson Technologies reported Q3 2023 results with revenues of $76.5 million, a 15% decrease compared to Q3 2022. Net income was $13.6 million, or $0.29 per diluted share. The company fully paid off its remaining $32.5 million of term loan debt during the quarter.
Revenue decreased by 15% to $76.5 million compared to the third quarter of 2022.
Gross margin was 40% compared to 49% in the prior year period.
Net income was $13.6 million, or $0.29 per diluted share, compared to $29.4 million, or $0.62 per diluted share in Q3 2022.
The company fully paid off its remaining $32.5 million of term loan debt during the third quarter of 2023.
Hudson
Hudson
Forward Guidance
The industry is preparing for a mandated 40% reduction in baseline HFC production, effective at the start of 2024. The aggressive reduction in virgin HFC production is expected to meaningfully impact the supply landscape, creating enhanced demand for reclaimed refrigerant.
Positive Outlook
- The aggressive reduction in virgin HFC production is expected to meaningfully impact the supply landscape.
- There will be enhanced demand for reclaimed refrigerant.
- Hudson is uniquely positioned with its proprietary reclamation technology.
- Hudson can meet the ongoing refrigerant needs of our customer base.
- Hudson can assist the evolution to the next generation of cooling applications and refrigerants