Hawkins, Inc. Reports Fourth Quarter and Fiscal Year 2022 Results

About this update from Hawkins, Inc.

[{"type":"text","content":"ROSEVILLE, Minn., May 18, 2022 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN), a leading specialty chemical and ingredients company, today announced fourth quarter and full-year results for its fiscal year ended April 3, 2022. Fourth Quarter Fiscal Year 2022 Highlights: Record quarterly sales in the fourth quarter of $223.0 million, a 37% year-over-year increase. Gross profit of $36.3 million for the quarter, a 14% increase over the same period of the prior year, while absorbing $8.2 million in incremental LIFO expense in the quarter.Record fourth quarter diluted earnings per share (EPS) of $0.50, which was 16% higher than the same period of the prior year.Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA), a non-GAAP measure, of $22.3 million, an 11% increase over the same period of the prior year. Full-Year Fiscal Year 2022 Highlights: Record annual sales of $774.5 million for fiscal 2022, a 30% year-over-year increase. Record gross profit of $146.5 million for the year, an 18% increase over the prior year, which contributed to a 27% year-over-year increase in operating income.Record diluted EPS of $2.44, which was $0.51, or 26%, higher than fiscal 2021.Record adjusted EBITDA, a non-GAAP measure, of $99.7 million, an increase of 19% over fiscal 2021.Full year net income increased 26% over the prior year.Paid cash dividends of $0.5225 per share for the year, representing an increase of 11% over the prior year. This marks the 37th consecutive year of paying a dividend.Completed three acquisitions during the year.Ended the year with net debt of $123 million and a leverage ratio of 1.25x.Issued our second annual ESG report, with a goal of being carbon neutral by 2040. Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President: “For the third year in a row we generated record operating income, net income, diluted EPS, and adjusted EBITDA, while achieving record sales of $775 million and adjusted EBITDA of $100 million in fiscal 2022. This strong three-year run has delivered compounded EPS growth of 29% over that timeframe. This performance is the result of the hard work by our many employees, our innovative solutions to the opportunities that have arisen, as well as outstanding relationships with our customers and suppliers, which we never take for granted. In fiscal 2...

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