Business
Hawkins, Inc. Reports First Quarter Fiscal 2025 Results
ROSEVILLE, Minn., July 31, 2024 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three months ended June 30, 2024, its first
About this update from Hawkins, Inc.
[{"type":"text","content":"ROSEVILLE, Minn., July 31, 2024 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three months ended June 30, 2024, its first quarter of fiscal 2025. First Quarter Fiscal Year 2025 Highlights: Record quarterly results for revenue, gross profit, operating income, net income, diluted earnings per share (“EPS”) and adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”), a non-GAAP measure.Revenue growth of 2% driven by Water Treatment segment growth of 25% over the same period of the prior year.Gross profit increase of 24% over the same period of the prior year, with all three segments having double-digit growth.Diluted EPS increase of $0.26, or 23%, to $1.38 per share.Adjusted EBITDA, a non-GAAP measure, of $50.9 million, a 25% increase over the same period of the prior year. Trailing 12-month adjusted EBITDA exceeds $153 million.As previously announced, closed on two acquisitions in the first quarter, further expanding our geographic reach within our Water Treatment segment.For the fourth year in a row, Hawkins was certified as a Great Place to Work. Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President: “We are extremely pleased with our strong first quarter results with Water Treatment becoming our largest reporting segment, and our profitability continuing to grow by over 20% as we again experienced revenue and volume growth,\" said Patrick Hawkins, Chief Executive Officer and President. \"Our record revenue of $256 million was driven by our acquired businesses in our Water Treatment segment. Revenue was down in our Industrial segment due primarily to reduced selling prices driven by lower commodity costs, with volumes relatively flat year over year. Revenue in our Health and Nutrition segment was also down slightly due to product mix changes. Gross profit increased double digits in all three of our segments due to the product mix and our continued focus on pricing discipline. Our continuing strategy of investing in higher margin business has helped drive the growth results we have experienced over the last five years. I am extremely proud of the entire Hawkins team, and the commitment of each and every employee has contributed to the success of our company.” Mr. Hawkins, continued, “We closed two acquisitions in our Water Treatment ...