Business
HF Foods Reports Strong Second Quarter 2021 Financial Results
Net Revenue up 85.1% to $193.5 Million With Net Income Attributable to the Company of $3.6 Million and a 249.2% Increase in Adjusted EBITDA to $11.9 Million
About this update from Hf Foods Group Inc.
[{"type":"text","content":"Net Revenue up 85.1% to $193.5 Million With Net Income Attributable to the Company of $3.6 Million and a 249.2% Increase in Adjusted EBITDA to $11.9 Million\nCITY OF INDUSTRY, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the Southeast, Pacific and Mountain West regions of the United States, reported strong financial results for the second quarter ended June 30, 2021. Second Quarter 2021 Financial Summary Net revenue increased 85.1% to $193.5 million compared to $104.6 million in the second quarter of 2020.Gross profit increased 70.5% to $35.1 million, or 18.2% of net revenue, from $20.6 million, or 19.7% of net revenue, in the second quarter of 2020.Net income attributable to the Company increased to $3.6 million, or $0.07 per diluted share, compared to a net loss of $4.1 million, or $(0.08) per diluted share, in the second quarter of 2020.Adjusted EBITDA increased 249.2% to $11.9 million compared to $3.4 million in the second quarter of 2020. Management Commentary “The momentum of our business at the start of the year only strengthened in the second quarter,” said Peter Zhang, CEO of HF Foods. “We experienced strong growth across most financial metrics both on a year-over-year and sequential basis due to improving market conditions and the proactive actions we took last year to right-size our business during the pandemic. In fact, during the second quarter our business performed at 93% of pre-COVID levels and has continued to remain stable since then. “We remain optimistic on the long-term prospects of our business. Although we continue to face intermittent government restrictions on our customers' operations, we believe that our sales volume will increase over time as the effects of the COVID-19 pandemic dissipate and consumer demand for food away from home continues to increase. As the market leader in servicing the Asian/Chinese restaurant sector, we believe we are well-positioned for long-term success. The fragmented nature of the Asian/Chinese food service industry and the current environment create opportunities for a company like HF Foods, which has the necessary industry expertise and deep understanding of our unique customer base.” Second Quarter 2021 Results Revenue for the second quarter of 2021 increased 85.1% to $193.5 million c...