Business
Hawkins, Inc. Reports Second Quarter Fiscal 2021 Results
MINNEAPOLIS, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three and six months ended September 27, 2020, its
About this update from Hawkins, Inc.
[{"type":"text","content":"MINNEAPOLIS, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three and six months ended September 27, 2020, its second quarter of fiscal 2021. Highlights include:\n Tenth consecutive quarter of year-over-year operating income growth, with record quarterly operating income of $16.6 million, an increase of 26% over the $13.2 million recorded in the second quarter of the prior year. Record second quarter sales of $147.8 million, an increase of 6% from the second quarter of fiscal 2020, with growth of 42% in our Health and Nutrition segment. Record second quarter diluted earnings per share (EPS) of $1.15, which was $0.28, or 32%, higher than EPS of $0.87 in the second quarter of fiscal 2020.Record first half diluted EPS of $2.25, a 26% increase over the first half fiscal 2020 EPS of $1.79Record quarterly operating cash flow of $18.6 million in the second quarter.Net debt of $72.8 million and a leverage ratio of 1.0x, after the purchase of American Development Corporation of Tennessee, Inc (\"ADC\"). “We were very pleased with this quarter’s continued profitability growth, including a 32% increase in net income this quarter,” said Patrick H. Hawkins, Chief Executive Officer and President. “As we expected, we continue to operate and execute on our business strategy through this pandemic, with our business segment operating results continuing to be mixed into the second quarter due to the varying impacts of COVID-19. In particular, our Health and Nutrition segment reported revenue growth of 42% over the same period last year, with operating income increasing nearly fivefold over last year largely due to increased demand for health and immunity products. Our Water Treatment segment results strengthened in the second quarter compared to the first quarter and compared to the second quarter in the prior year, as the negative impact of COVID-related pool closures lessened and we saw increased demand for many of our products. Our Industrial segment reported lower results due to reduced demand for certain products. Looking forward, we do expect continued year-over-year improvement in the second half of the fiscal year as our specialty and manufactured products continue to grow.” Mr. Hawkins continued, “We are also delighted that, due to record operating cash flow in the second quarter, we were ab...