Business
Hudson Technologies Reports Fourth Quarter and Year End 2023 Results
WOODCLIFF LAKE, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended
About this update from Hudson Technologies, Inc.
[{"type":"text","content":"WOODCLIFF LAKE, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2023. For the quarter ended December 31, 2023, Hudson reported revenues of $44.9 million, a decrease of 5% compared to revenues of $47.4 million in the comparable 2022 period. The decrease is primarily related to decreased selling prices for certain refrigerants, offset by slightly higher volume. Gross margin in the fourth quarter of 2023 was 31%, compared to 32% in the fourth quarter of 2022. Hudson reported operating income of $4.7 million in the fourth quarter of 2023, compared to operating income of $7.1 million in the prior year period. The Company recorded net income of $3.9 million or $0.09 per basic and $0.08 per diluted share in the fourth quarter of 2023, compared to net income of $5.1 million or $0.11 per basic and diluted share in the same period of 2022. For the year ended December 31, 2023, Hudson reported revenues of $289.0 million, a decrease of 11% compared to revenues of $325.2 million for full year 2022. Revenue for the full year 2023 declined primarily related to decreased selling prices for certain refrigerants. Included in the full year 2023 revenues was approximately $53 million from the Company’s Defense Logistics Agency (“DLA”) contract, which represented a record annual revenue from the contract. The Company estimates that approximately $20 million of 2023 DLA revenue is related to increased DLA-specific program activities that may not be repeated in 2024. Gross margin for full year 2023 was 39%, compared to gross margin of 50% in the prior year period. Hudson reported operating income of $78.2 million for full year 2023 compared to operating income of $131.5 million in the prior year. The Company recorded net income of $52.2 million or $1.15 per basic and $1.10 per diluted share in 2023, compared to a net income of $103.8 million or $2.31 per basic and $2.20 per diluted share in 2022. As previously announced, Hudson fully paid off its remaining $32.5 million of term loan debt during the third quarter of 2023. Stockholders’ equity improved to $228.8 million at December 31, 2023 compared to $174.9 million at December 31, 2022. Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “We delivered a solid fou...