Business
Hawkins, Inc. Reports Third Quarter Fiscal 2021 Results
MINNEAPOLIS, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three and nine months ended December 27, 2020, its
About this update from Hawkins, Inc.
[{"type":"text","content":"MINNEAPOLIS, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three and nine months ended December 27, 2020, its third quarter of fiscal 2021. Highlights include: Record third quarter sales of $142.9 million, a 19% year-over-year increase, with a 75% year-over-year sales increase in our Health and Nutrition segment.Record third quarter gross profit of $28.2 million, a 31% increase over the prior year, contributing to a 55% year-over-year increase in operating income.Third quarter diluted earnings per share (EPS) of $0.75, which was $0.32, or 74%, higher than the same period last year.Year to date diluted EPS of $3.00, a 35% increase over the prior year.Net debt of $88 million and a leverage ratio of 1.2x, while reinitiating stock repurchases in the third quarter.Extended our Water Treatment footprint into Louisiana through the acquisition of C & L Aqua Professionals, Inc. and LC Blending, Inc. on December 30, 2020. Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President: “We are very pleased with our company’s continued growth in net income this quarter. We have continued to operate and execute on our business strategy throughout this pandemic, and our business segment operating results reflected substantial year-over-year improvement in the third quarter. In particular, our Health and Nutrition segment reported revenue growth of 75% over the same period last year, with operating income growing to nearly six times the levels of last year due to increased demand for health and immunity products. In our Water Treatment segment, our acquisition of American Development Corporation has been accretive, and while we've seen some areas of softness in our legacy business, which we believe is related to COVID-19 impacts, increased sales of our specialty and manufactured products contributed to the year-over-year increase. Our Industrial segment reported year-over-year sales growth in the third quarter for the first time this year, with gross profit increasing nearly 10% as a result of increased sales of our specialty and manufactured products.\" Mr. Hawkins continued, \"As previously announced, we extended our Water Treatment footprint into the state of Louisiana with acquisitions at the end of December, and look forward to continuing to grow our business as a result. ...