Business
Hydrofarm Holdings Group Announces Third Quarter 2021 Results
Company Reiterates Updated Full Year 2021 Outlook FAIRLESS HILLS, Pa., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the
About this update from Hydrofarm Holdings Group, Inc.
[{"type":"text","content":"Company Reiterates Updated Full Year 2021 Outlook\nFAIRLESS HILLS, Pa., Nov. 11, 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 third quarter ended September 30, 2021. Third Quarter 2021 Highlights vs. Prior Year Period: Net sales increased 28.1% to $123.8 million compared to $96.7 million.Gross profit increased 64.9% to $30.0 million, or 24.2% of net sales, compared to $18.2 million, or 18.8% of net sales.Net income attributable to common stockholders was $17.3 million or $0.37 per diluted share, compared to $2.0 million or $0.08(1) per diluted share. Pro forma adjusted net income(2) was $7.7 million or $0.17 per pro forma diluted share, compared to $4.3 million or $0.13 per pro forma diluted share.Adjusted EBITDA(2) increased 116.7% to $16.1 million compared to $7.4 million.Completed two acquisitions during the quarter: Aurora Innovations and Greenstar Plant Products. Recent Developments: Closed on new $125 million Senior Secured Term Loan Facility.Completed one acquisition: Innovative Growers Equipment and related entities (“IGE”). Reaffirm Full Year 2021 Outlook vs. Prior Year: Net sales growth of 37% to 43%, or approximately $470.0 million to $490.0 million.Adjusted EBITDA(2) of $47.0 million to $53.0 million, or approximately 10% to 11% of net sales.Pro Forma(3) net sales of $580.0 million to $600.0 million; Pro Forma Adjusted EBITDA (3) of $85.0 million to $95.0 million. (1) Net income attributable to common stockholders after adjustment for assumed conversions of $0.2 million.(2) 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 the release. Note that Pro Forma Adjusted Net Income is pro forma as if our Initial Public Offering (IPO) had occurred at the beginning of each period presented. Please see the “Non-GAAP Financial Measures” for definitions used herein.(3) Pro Forma net sales and Pro Forma Adjusted EBITDA assumes that all five acquisitions had occurred on January 1, 2021. Bill Toler, Chairman and Chief Executive Officer of Hydrofarm, said, “During ...