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Hydrofarm Holdings Group announced its first quarter 2024 results, highlighting a decrease in net sales to $54.2 million from $62.2 million year-over-year.
Gross profit margin increased to 20.2%, and adjusted gross profit margin rose to 23.4%. Net loss improved to $12.6 million, and adjusted EBITDA turned positive at $0.3 million.
Cash used in operating activities and free cash flow improved by $6.7 million and $6.9 million, respectively.
The company is selling assets related to certain durable equipment products for $8.7 million, expecting improved profitability for its IGE branded products. Hydrofarm reaffirms its 2024 guidance for positive adjusted EBITDA and free cash flow despite forecasted net sales decline.
Hydrofarm Holdings Group, Inc. will announce its first quarter 2024 results on May 14, 2024. The company is a leading manufacturer and distributor of hydroponics equipment for controlled environment agriculture. The conference call to review the results will be held at 8:30 AM ET.