Hudson Technologies Q2 revenue falls 17% to $75.3M; provides FY2024 revenue guidance of $240-250M

HUDSON TECHNOLOGIES INC /NY

2024-Q2 EPS reported $0.40 revenue$140,532,000

Net income $9.6M ($0.20 diluted) vs $19.2M ($0.41) YoY; gross margin dropped to 30% from 41%.
Revenue decline driven by ~25% drop in refrigerant pricing and lower DLA contract activity; volumes up 17%.
Board authorizes $10M share repurchase program for 2024-2025; funded from existing cash and cash flow.
Full year 2024 revenue expected $240-250M with ~30% gross margin if current pricing persists.
Ended Q2 with no debt, $30.5M cash; $18.1M free cash flow in H1 2024 (incl. $20.7M for USA Refrigerants acquisition).

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