Hudson Technologies Reports Fourth Quarter and Year End 2024 Results

About this update from Hudson Technologies, Inc.

WOODCLIFF LAKE, N.J., March 06, 2025 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2024. Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies, commented, “Our fourth quarter 2024 results reflected the seasonally slower sales activity we have historically seen outside of our nine-month selling season. Full year 2024 results reflected a challenging selling season in which market pricing for certain HFC refrigerants declined by up to 45% from last year’s levels which more than offset the slight gains we achieved in sales volume. The decline in refrigerant pricing was driven by higher than anticipated inventory levels up stream in the marketplace built up in advance of the HFC phaseout. During our many decades in this industry, we have successfully weathered unfavorable pricing environments by staying focused on what we can control – ensuring that our customers have the right refrigerants where and when they need them and promoting recovery and reclamation activities as our industry transitions to lower GWP equipment and refrigerants. We navigated 2024 with that focus and remain committed to our operating strategy. In fact, our overall reclaim activity increased 18% in 2024. “As we move through 2025, we maintain our long-term view that the current phase down of HFC refrigerants creates a significant opportunity for our reclamation business. The installed base of HFC equipment will be operable for many years to come, and as the supply of virgin HFCs becomes limited, reclaimed HFCs will be needed to fill the anticipated supply/demand gap. With that in mind, we are intent on maximizing our recovery and reclamation capabilities, as evidenced by our strategic acquisition of USA Refrigerants in June 2024. Refrigerant recovery is integral to the reclamation process and the USA Refrigerants acquisition provides Hudson access to a previously untapped recovery network. This, coupled with our ongoing efforts to promote recovery in the field, has strengthened our reclaimed refrigerant supply chain. We are now better positioned to continue to grow our leadership position in the reclamation landscape. “Our strong unlevered balance sheet with $70.1 million in cash and no debt at December 31, 2024 provides us the financial flexibility to continue executing on our three-pillar capital allocation strategy: invest in organic growth; explore acquisition opportunities; and opportunistically repurchase stock. During the fourth quarter, we repurchased $5.5 million of common stock under the stock buyback plan that was originally established in the third quarter of 2024. During full year 2024, the Company repurchased $8.1 million of common stock,” Mr. Coleman concluded. Three Months Results For the quarter ended December 31, 2024, Hudson reported: Full Year 2024 Results For the full year ended December 31, 2024, Hudson reported: Conference Call Information Hudson Technologies will host a conference call and webcast on Thursday, March 6, 2025 at 5:00 p.m. Eastern Time to discuss the Company’s fourth quarter and full year 2024 results. Please visit this link at least 5 minutes prior to the scheduled start time in order to register and receive dial-in and webcast details. A replay of the teleconference will be available until April 5, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52007. About Hudson Technologies Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the first in the United States and largest refrigerant reclaimers through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute standard for reuse as certified EMERALD Refrigerants™. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants. The Company’s SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility’s refrigeration systems and other energy systems. The Company’s Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company’s products and services, the Company also generates carbon offset projects. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the laws and regulations affecting the industry, changes in the demand and price for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), the Company's ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, the ability to meet financial covenants under its existing credit facility, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company’s ability to successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in the Company's 10-K for the year ended December 31, 2023 and other subsequent filings with the Securities and Exchange Commission. The words "believe", "expect", "anticipate", "may", "plan", "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

View stock analysis, news, and events for Hudson Technologies, Inc.