Hudson Q4 2023 Earnings Report
Key Takeaways
Hudson Technologies reported a revenue of $44.9 million for Q4 2023, a 5% decrease compared to Q4 2022. Net income for the quarter was $3.9 million, or $0.08 per diluted share. The company's full year revenue was $289.0 million with a net income of $52.2 million.
Q4 2023 revenues decreased by 5% compared to Q4 2022 due to decreased selling prices.
Gross margin in Q4 2023 was 31%, compared to 32% in Q4 2022.
Net income for Q4 2023 was $3.9 million, or $0.08 per diluted share.
The company is optimistic about the AIM Act and its potential benefits for the business.
Hudson
Hudson
Forward Guidance
Hudson anticipates the ongoing stepdown in HFC production and consumption allowances and the proposed reclamation mandates as a result of the AIM Act will benefit their business. They believe the proposed Refrigerant Management rule will drive higher demand for reclaimed refrigerants and expect a final rule to be issued this summer.
Positive Outlook
- Stepdown in virgin production and consumption now represents 40% of the baseline for 2024 through 2028.
- Proposed Refrigerant Management rule will drive higher demand for reclaimed refrigerants.
- Expect a final rule to be issued this summer.
- Existing and proposed legislation at both the federal and various state levels promotes the use of reclaimed refrigerant.
- Company is uniquely positioned to leverage expertise and industry-leading reclamation technology.