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Hawkins, Inc. Reports Fourth Quarter and Fiscal Year 2023 Results
ROSEVILLE, Minn., May 17, 2023 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN), a leading specialty chemical and ingredients company, today announced fourth
About this update from Hawkins, Inc.
[{"type":"text","content":"ROSEVILLE, Minn., May 17, 2023 (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 2, 2023. Fourth Quarter Fiscal Year 2023 Highlights: Record fourth quarter sales of $228.1 million. Record fourth quarter diluted earnings per share (EPS) of $0.55, which was 10% higher than the same period of the prior year.Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA), a non-GAAP measure, of $27.0 million, a 21% increase over the same period of the prior year.Record fourth quarter operating cash flow allowed us to pay down $19 million in debt in the quarter. Full-Year Fiscal Year 2023 Highlights: Record annual sales of $935.1 million for fiscal 2023, a 21% year-over-year increase. Record gross profit of $165.1 million for the year, a 13% increase over the prior year, which contributed to a 24% year-over-year increase in operating income.Record diluted EPS of $2.86, which was $0.42, or 17%, higher than fiscal 2022.Record adjusted EBITDA, a non-GAAP measure, of $119.1 million, an increase of 19% over fiscal 2022.Record operating cash flow of $77.4 million was $34.6 million higher than fiscal 2022.Ended the year with net debt of $104 million and a leverage ratio of 0.96x.Paid cash dividends of $0.57 per share for the year, representing an increase of 9% over the prior year. This marks the 38th consecutive year of paying a dividend. Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President: “For the fourth year in a row we generated record operating income, net income, diluted EPS, and adjusted EBITDA. We achieved record sales of $935 million and adjusted EBITDA of $119 million in fiscal 2023. This strong four-year run has delivered compounded EPS growth of 26% over that timeframe. Our record operating cash flow of $77 million allowed us to continue to pay down debt, with net debt of $104 million and our leverage ratio back below 1x at the end of fiscal 2023. 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.” Mr. Hawkins, continued, “Following a year where we saw...