Hydrofarm Q3 net sales down 40% to $74.2M; reaffirms FY2022 outlook

HYDROFARM HOLDINGS GROUP, INC.

2022-Q3 EPS reported -$5.57 revenue$283,040,000

Net loss of $23.5M ($0.52 EPS loss) vs prior year net income of $17.3M; adjusted EPS loss of $0.33.
Net sales $74.2M vs $123.8M YoY, driven by 42.6% volume decline; gross margin compressed to 7.9%.
Adjusted EBITDA loss of $9.0M vs $16.1M gain in prior year; includes $5.5M inventory/AR charges.
Reaffirms FY2022 net sales guidance $330-347M; Adjusted EBITDA $(25)-$(16)M.
Generated positive free cash flow $5.6M in Q3; $16.5M cash; $62M undrawn revolver.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HYDROFARM HOLDINGS GROUP, INC. reported third quarter ended September 30, 2022 results: revenue $74.2 million, net income $(23.5) million, or $(0.52) per diluted share, EPS $(0.52) per diluted share. Guidance reaffirmed.

Period: third quarter ended September 30, 2022
Revenue: $74.2 million
Net income: $(23.5) million, or $(0.52) per diluted share
EPS: $(0.52) per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

(“CEA”), today announced financial results for its third quarter ended September 30, 2022. Third Quarter 2022 Highlights vs. Prior Year Period: • Net sales decreased to $74.2 million compared to $123.8 million. • Gross Profi t decreased to $5.9 million compared to $30.0 million. Adjusted Gross Profit (1)(2) was $7.8 million compared to $33.0 million. • Net

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Source: SEC EDGAR

accession 0001628280-22-029223

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