Business
Hudson Technologies Reports Third Quarter 2021 Results
PEARL RIVER, N.Y., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the third quarter and nine months ended
About this update from Hudson Technologies, Inc.
[{"type":"text","content":"PEARL RIVER, N.Y., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the third quarter and nine months ended September 30, 2021. For the quarter ended September 30, 2021, Hudson reported revenues of $60.6 million, an increase of 46% compared to revenues of $41.5 million in the comparable 2020 period. Third quarter revenue growth was driven by increased selling prices of certain refrigerants during the period. Gross margin in the third quarter of 2021 was 39%, compared to 22% in the third quarter of 2020, mainly due to the aforementioned increase in selling price of certain refrigerants. Hudson reported operating income of $16.9 million in the third quarter of 2021, compared to operating income of $2.1 million in the prior year period. The Company recorded net income of $15.9 million or $0.36 per basic and $0.34 per diluted share in the third quarter of 2021, compared to net income of $39 thousand or $0.00 per basic and diluted share in the same period of 2020. For the nine months ended September 30, 2021, Hudson reported revenues of $155.0 million, an increase of 24% compared to revenues of $125.5 million in the first nine months of 2020. The revenue growth was driven by increased selling prices for certain refrigerants during the period. Gross margin during the nine months ended September 30, 2021 was 35%, compared to 24% in the first nine months of 2020, mainly due to the aforementioned increase in selling price of certain refrigerants. Hudson reported operating income of $33.0 million for the first nine months of 2021 compared to operating income of $7.7 million in the prior year period. The Company recorded net income of $26.1 million or $0.60 per basic and $0.56 per diluted share in the first nine months of 2021, compared to a net loss of $0.5 million or ($0.01) per basic and diluted share in the same period of 2020. At September 30, 2021, the Company had approximately $53 million of total availability, consisting of cash and cash equivalents plus revolving loan availability. Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “The close of the third quarter represents a strong finish to our traditional nine month selling season. We’re pleased to have delivered substantial revenue growth, increased margins and enhanced profitability in the ...