Hudson Technologies(HDSN)2024-05-01 20:15Financial Performance - For Q1 2024, Hudson Technologies reported revenues of $65.3 million, a decrease of 15% from $77.2 million in Q1 2023[3] - Gross margin for Q1 2024 was 33%, down from 39% in Q1 2023[3] - Operating income decreased to $12.8 million in Q1 2024 from $22.7 million in the prior year[3] - Net income for Q1 2024 was $9.6 million, or $0.21 per basic share, compared to $15.5 million, or $0.34 per basic share in Q1 2023[3] Future Outlook - The company anticipates full-year revenue between $250 million and $265 million, with gross margin expected to be below the targeted 35%[5] - Hudson Technologies aims to benefit from the ongoing HFC phasedown and expects pricing to increase as supply tightens[5] Industry Trends - The industry experienced a 20% decline in pricing for certain refrigerants compared to Q1 2023[4] - The EPA's proposed Refrigerant Management rule is expected to be finalized in late summer, mandating the use of reclaimed refrigerants for certain applications[5] Inventory Management - Current pricing dynamics allow Hudson to replenish inventory with lower-cost refrigerants during the 2024 cooling season[5] Asset Overview - Total assets as of March 31, 2024, were $294.2 million, a slight decrease from $296.7 million at the end of 2023[13]