Business
Hudson Technologies Reports Fourth Quarter Revenue Growth of 26%; Record Full Year 2022 Revenue of $325.2 Million
WOODCLIFF LAKE, N.J., March 08, 2023 (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 08, 2023 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2022. For the quarter ended December 31, 2022, Hudson reported revenues of $47.4 million, an increase of 26% compared to revenues of $37.8 million in the comparable 2021 period. Fourth quarter revenue growth was driven by increased selling prices for certain refrigerants during the period as well as increased sales volume in the quarter as compared to the fourth quarter of 2021. Gross margin in the fourth quarter of 2022 was 32%, compared to 45% in the fourth quarter of 2021. Hudson reported operating income of $7.1 million in the fourth quarter of 2022, compared to operating income of $9.3 million in the prior year period. The Company recorded net income of $5.1 million or $0.11 per basic and diluted share in the fourth quarter of 2022, compared to net income of $6.2 million or $0.14 per basic and $0.13 diluted share in the same period of 2021. For the year ended December 31, 2022, Hudson reported revenues of $325.2 million, an increase of 69% compared to revenues of $192.7 million for full year 2021. The revenue growth was driven by increased selling prices for certain refrigerants during the period. Gross margin for full year 2022 was 50%, compared to gross margin of 37% in the prior year period. The margin increase is primarily related to higher selling prices for certain refrigerants for 2022 when compared to 2021. Hudson reported operating income of $131.5 million for full year 2022 compared to operating income of $42.3 million in the prior year. The Company recorded net income of $103.8 million or $2.31 per basic and $2.20 per diluted share in 2022, compared to a net income of $32.3 million or $0.74 per basic and $0.69 diluted share in 2021. Hudson reduced total outstanding debt from $94.9 million at December 31, 2021 to $46.8 million at December 31, 2022. Stockholders’ equity improved to $175.0 million at December 31, 2022 as compared to $70.9 million at December 31, 2021. Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “2022 was a tremendous year for Hudson as evidenced by record revenues, and enhanced profitability. We delivered a solid fourth quarter consistent with historical fourth quarter performance, which is...