Business
Hydrofarm Holdings Group Announces Fourth Quarter and Full Year 2020 Results
Company Provides Full Year 2021 Outlook FAIRLESS HILLS, Pa., March 30, 2021 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”)
About this update from Hydrofarm Holdings Group, Inc.
[{"type":"text","content":"Company Provides Full Year 2021 Outlook\nFAIRLESS HILLS, Pa., March 30, 2021 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”) (Nasdaq: HYFM), a leading independent distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture (“CEA”), today announced financial results for its fourth quarter and full fiscal year ended December 31, 2020. Fourth Quarter 2020 Highlights vs. Prior Year Period: Net sales increased 62.6% to $87.4 million compared to $53.8 million.Gross profit increased 190.5% to $16.0 million, or 18.3% of net sales, compared to $5.5 million, or 10.2% of net sales.Net loss attributable to common stockholders was ($10.0) million or ($0.43) per diluted share compared to a net loss of ($17.7) million or ($0.86) per diluted share. Pro forma adjusted net income(1) was $0.5 million, or $0.02 per pro forma diluted share compared to a loss of $(9.6) million, or $(0.29) per pro forma diluted share.Adjusted EBITDA(1) was $5.0 million compared to a loss of ($5.7) million. Fiscal Year 2020 Highlights vs. Prior Year: Net sales increased 45.6% to $342.2 million compared to $235.1 million.Net loss attributable to common stockholders was ($9.9) million or ($0.46) per diluted share compared to a net loss of ($40.1) million or ($1.94) per diluted share. Pro forma adjusted net income(1) was $7.3 million, or $0.21 per pro forma diluted share compared to a loss of $(22.6) million, or $(0.68) per pro forma diluted share.Adjusted EBITDA(1) was $21.1 million, compared to a loss of ($9.5) million. Full Year 2021 Outlook vs. Prior Year: Organic net sales growth of 20% to 25%.Adjusted EBITDA(1) estimated at $28.0 million to $31.0 million.(1) Adjusted EBITDA and Pro Forma Adjusted Net Income/Loss are non-GAAP measures. For reconciliations of GAAP to non-GAAP measures see the ”Reconciliation of Non-GAAP Measures” accompanying this release. Bill Toler, Chairman and Chief Executive Officer of Hydrofarm, said, “Fiscal 2020 was an excellent year for Hydrofarm in many ways. First, our organic sales growth across the year was outstanding, increasing in each sequential quarter and culminating in over 60% year-over-year growth in each of our last two quarters as our entire company worked feverishly throughout the COVID-19 pandemic to meet the growing demand in the CEA industry. We...