Hudson Technologies Reports Third Quarter 2024 Financial Results**

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Hudson Technologies, Inc. (NASDAQ: HDSN) recently released its financial results for the third quarter concluded on September 30, 2024. The company’s revenue for the third quarter was reported at $61.9 million, alongside a net income of $7.8 million or $0.17 per diluted share. These financial results illustrate a comparative analysis and provide insights into the company’s performance.

Commenting on the financial outcomes, Brian F. Coleman, President and CEO of Hudson Technologies, expressed that the quarter encountered pricing pressures for specific refrigerants through the cooling season of 2024. Although the immediate term results were below expectations due to pricing trends, Coleman emphasized their long-term growth strategy noting the phasedown of HFC refrigerants and anticipated growth in demand for reclaimed refrigerants.

The Environmental Protection Agency recently finalized the Refrigerant Management rule under the AIM Act, setting reclaim mandates that will come into effect in 2029. This development is seen as a positive industry transition towards increased use of reclaimed refrigerants. Despite market challenges, Hudson Technologies remains focused on enhancing customer supply reliability and promoting recovery and reclamation initiatives.

During the quarter, Hudson Technologies saw an improvement in its balance sheet with no debt and $56.5 million in cash by September 30, 2024. Additionally, the company repurchased $2.6 million of common stock as part of its capital allocation strategy.

For the quarter ending September 30, 2024, Hudson reported a decrease in revenues to $61.9 million from $76.5 million in the same period last year, primarily due to lower prices for specific refrigerants. The gross margin for this quarter stood at 26%, down from 40% in the comparable period in 2023. Operating income was reported at $7.0 million, dropping from $23.1 million in the prior year’s quarter.

In the nine-month period ending September 30, 2024, Hudson reported revenues of $202.5 million, down from $244.2 million in the same period in 2023. Gross margin was at 30%, a decrease from 40% in 2023. The company saw an increase in selling, general, and administrative expenses, alongside operating income of $32.5 million down from $73.4 million in 2023.

Investors and stakeholders interested in further details can access the recorded conference call, along with financial statements, for more comprehensive insights into Hudson Technologies’ financial standing during the discussed period.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hudson Technologies’s 8K filing here.

About Hudson Technologies

Hudson Technologies, Inc, through its subsidiary, Hudson Technologies Company, engages in the provision of solutions to recurring problems within the refrigeration industry in the United States. The company engages in the sale of refrigerant and industrial gas; provision of refrigerant management services consisting primarily of reclamation of refrigerants, re-usable cylinder refurbishment, and hydrostatic testing services; and RefrigerantSide services comprising system decontamination and recovery to remove moisture, oils, and other contaminants.