Hudson Technologies Reports First Quarter 2024 Results
WOODCLIFF LAKE, N.J., May 01, 2024 (GLOBE NEWSWIRE) — Hudson Technologies, Inc. (NASDAQ:HDSN) announced results for the first quarter ended March 31, 2024.
For the quarter ended March 31, 2024, Hudson reported revenues of $65.3 million, a decrease of 15% compared to revenues of $77.2 million in the comparable 2023 period. The decrease is primarily related to decreased selling prices for certain refrigerants as well as lower revenue from the Company’s DLA contract in the quarter compared to the first quarter of 2023. Gross margin in the first quarter of 2024 was 33%, compared to 39% in the first quarter of 2023. Hudson reported operating income of $12.8 million in the first quarter of 2024, compared to operating income of $22.7 million in the prior year period. The Company recorded net income of $9.6 million or $0.21 per basic and $0.20 per diluted share in the first quarter of 2024, compared to net income of $15.5 million or $0.34 per basic and $0.33 per diluted share in the same period of 2023.