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04 December, 2023 15:40 IST
Hudson Technologies first-quarter profit jumps 94.77 percent on a YOY basis
Source: IRIS | 08 Jun, 2017, 06.05PM

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Hudson Technologies, Inc. (HDSN) has reported a 94.77 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.73 million, or $0.13 a share in the quarter, compared with $2.94 million, or $0.09 a share for the same period last year.      

Revenue during the quarter surged 37.86 percent to $38.83 million from $28.17 million in the previous year period. Gross margin for the quarter expanded 540 basis points over the previous year period to 32.11 percent. Total expenses were 75.81 percent of quarterly revenues, down from 82.18 percent for the same period last year. This has led to an improvement of 637 basis points in operating margin to 24.19 percent.

Operating income for the quarter was $9.39 million, compared with $5.02 million in the previous year period.

Kevin J. Zugibe, chairman and chief executive officer of Hudson Technologies commented, "We’re pleased to have delivered a strong start to 2017, as demonstrated by solid revenue growth, improved gross margin and increased profitability. Our business continued to be favorably impacted by increases in the average selling price of R-22 refrigerant during the first quarter, which marks the beginning of our nine-month refrigerant selling season."

Working capital increases sharply
Hudson Technologies, Inc. has recorded an increase in the working capital over the last year. It stood at $104.59 million as at Mar. 31, 2017, up 140.26 percent or $61.06 million from $43.53 million on Mar. 31, 2016. Current ratio was at 3.99 as on Mar. 31, 2017, up from 2.32 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 93 days for the quarter from 244 days for the last year period. Days sales outstanding went up to 29 days for the quarter compared with 7 days for the same period last year.

Days inventory outstanding has decreased to 124 days for the quarter compared with 258 days for the previous year period. At the same time, days payable outstanding went up to 59 days for the quarter from 21 for the same period last year.

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