Business
Hawkins, Inc. Reports First Quarter Fiscal 2024 Results
ROSEVILLE, Minn., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three months ended July 2, 2023, its first
About this update from Hawkins, Inc.
[{"type":"text","content":"ROSEVILLE, Minn., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three months ended July 2, 2023, its first quarter of fiscal 2024. First Quarter Fiscal Year 2024 Highlights: Record quarterly performance for key metrics, including sales, gross profit, operating income, net income, diluted earnings per share (\"EPS\"), adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), and operating cash flow.Sales of $251.1 million, a 2% year-over-year increase, led by the Water Treatment group with sales growth of 19% over the same quarter in the prior year.Gross profit of $52.0 million, an 11% increase over the prior year, contributing to operating income of $32.5 million, a 17% year-over-year increase.EPS of $1.12, 19% higher than the same period last year.Adjusted EBITDA, a non-GAAP measure, of $40.9 million, a 19% increase over the same period of the prior year.Operating cash flow of $34.9 million, a portion of which was used to pay down $23.4 million on our revolving line of credit, reducing our debt to $88.3 million and bringing our leverage ratio to 0.72x adjusted EBITDA.Completed expansion of our Rosemount, Minnesota manufacturing facility, nearly doubling our capacity, to support future growth.Added 40th Water Treatment location with acquisition of EcoTech Enterprises, Inc. in Arkansas. Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President: “We are pleased with our strong year-over-year performance in the first quarter, with our bottom line growing 19%. Our Water Treatment group lead the way with 19% revenue growth and operating income growth of nearly 70%. We continue to see profit growth within this segment, as we execute on our strategy to grow both the legacy business and the businesses we have acquired over the last few years. Industrial group sales declined 3% year over year, but would have been up slightly when taking into account the effects of the sale of our consumer bleach packaging business at the end of fiscal 2023. As we anticipated, sales in our Health and Nutrition group declined year over year as we believe customers continue to destock inventory levels, as well as lower consumer demand for health and immunity products, which is expected to continue through the remainder of the year.\" Mr. Hawkins continued, “For t...