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Hudson (HDSN) investor relations material
Hudson Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $72.8M, down 3% year-over-year due to lower sales volume, partially offset by higher average selling prices.
Gross margin improved to 31% from 30% in Q2 2024, driven by favorable market pricing and higher refrigerant prices.
Net income rose to $10.2M ($0.23 per diluted share), up from $9.6M ($0.20 per share) in Q2 2024.
Cash position strengthened to $84.3M with no debt as of June 30, 2025.
The $20.7M acquisition of USA Refrigerants in June 2024 expanded the customer network and access to reclaimed refrigerants.
Financial highlights
Q2 gross profit was $22.8M (31% margin), up from $22.6M (30%) in Q2 2024.
Operating income for Q2 2025 was $12.7M, nearly flat year-over-year.
SG&A expenses increased to $9.3M in Q2, attributed to higher staffing costs.
Net interest income of $0.7M, compared to net interest expense of $0.2M in Q2 2024.
Working capital increased to $157.8M at June 30, 2025.
Outlook and guidance
Full-year 2025 gross margin target remains mid-20% with potential upside depending on Q3 performance.
Q3 expected to be strong due to continued high demand and favorable weather; Q4 anticipated to be seasonally soft.
Long-term growth expected from HFC phase-down regulations and increased demand for reclaimed refrigerants.
Management expects to satisfy working capital needs from operating cash flows and available credit.
The company highlights seasonality, with peak refrigerant sales in the first nine months and potential losses in Q4.
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