Business
HF Foods Reports Fourth Quarter and Full Year 2023 Financial Results
Pre-Recorded Earnings Call Webcast Available on Investor Relations Website Company Continues to Execute Comprehensive, Operational Transformation Plan to
About this update from Hf Foods Group Inc.
[{"type":"text","content":"Pre-Recorded Earnings Call Webcast Available on Investor Relations Website Company Continues to Execute Comprehensive, Operational Transformation Plan to Drive Growth and Cost Savings LAS VEGAS, March 14, 2024 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG) (“HF Foods”, or the “Company”), a leading food distributor to Asian restaurants across the United States, reported unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Results Net revenue decreased 3.8% to $280.9 million compared to $291.9 million in the prior year.Gross profit increased 3.0% to $52.3 million compared to $50.7 million in the prior year. Gross profit margin increased to 18.6% compared to 17.4% in the prior year.Net income (loss) increased to net income of $2.7 million compared to net loss of $3.5 million in the prior year.Adjusted EBITDA increased 372.6% to $20.4 million compared to $4.3 million in the prior year. Full Year 2023 Financial Results Net revenue decreased 1.9% to $1,148.5 million compared to $1,170.5 million in the prior year.Gross profit decreased 0.7% to $204.0 million compared to $205.5 million in the prior year, Gross profit margin increased to 17.8% compared to 17.6% in the prior year.Net (loss) income decreased to a net loss of $2.7 million compared to net income of $0.2 million in the prior year.Adjusted EBITDA increased 11.1% to $44.6 million compared to $40.1 million in the prior year. Management Commentary “We are excited by the progress we have made on our operational transformation plan that we expect to help us drive long-term growth and profitability,” said Peter Zhang, Chief Executive Officer of HF Foods. “We successfully expanded our margin through centralized purchasing for Seafood and exited low margin chicken processing businesses with a focus on our core operations in 2023. Our focus on centralized purchasing and improving overall operation efficiency will see us drive additional savings in other key categories. We have also recently entered into a partnership with a large and reputable national transportation provider with a focus on driving efficiency in our fleet upgrade, maintenance and fuel programs. We have already seen improvements in our key profitability metrics as a result of our optimization efforts, and look forward to these metrics continuing...