Hydrofarm Holdings Group, Inc. - HYFM STOCK NEWS

Hydrofarm Holdings Group, a leader in hydroponics equipment and supplies, has scheduled a conference call for March 9, 2023, at 4:30 PM ET. This call will discuss the fourth quarter and full year 2022 financial results. The corresponding press release will be issued after market close on the same day. Interested parties can join the call by dialing 1-888-886-7786 or access the live webcast on the company’s website under the 'Investors' section. Hydrofarm has been supporting growers for over 40 years by providing innovative products that enhance agricultural productivity.

Hydrofarm Holdings Group (Nasdaq: HYFM), a leader in hydroponics equipment for controlled environment agriculture, will participate in a fireside chat at the 25th Annual ICR Conference on January 10, 2023, at 1:00 PM ET. This event will be webcast live, with replays available on Hydrofarm's corporate website and the ICR Conference site. Hydrofarm has over 40 years of experience in providing innovative products that enhance growers' productivity and efficiency.

Hydrofarm Holdings Group reported third-quarter 2022 financial results, with net sales dropping to $74.2 million from $123.8 million year-over-year. Gross profit fell to $5.9 million, leading to a net loss of $(23.5) million or $(0.52) per share. The company attributes these declines to industry challenges and reserves totaling $5.5 million for inventory and receivables. Despite this, Hydrofarm reiterated its full-year 2022 outlook, projecting net sales between $330 million and $347 million, and aiming for adjusted EBITDA between $(25) million to $(16) million.

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a top independent manufacturer of hydroponics equipment, will host a conference call on November 9, 2022, at 4:30 PM ET to discuss its Q3 2022 results. A press release with these results will be issued post-market close on the same day. Interested parties can join the call by calling 201-389-0879, with a replay available until November 16, 2022. The call will also be webcast live on Hydrofarm’s website under the 'Investors' section.

Hydrofarm Holdings Group (Nasdaq: HYFM) has entered an exclusive distribution agreement with AG Gas to market advanced CO₂ enrichment solutions for commercial cultivators in North America. This technology, proven to boost crop yields by 20% to over 50%, enhances photosynthesis efficiency. The partnership aims to expand the reach of AG Gas’s systems, which have demonstrated success in California, including doubling yields in outdoor tomatoes. Both companies emphasize the importance of innovation in agricultural productivity.

Hydrofarm Holdings Group reported a disappointing second quarter for 2022, with net sales dropping to $97.5 million from $133.8 million year-over-year. The net loss reached $(203.3 million), or $(4.53) per diluted share, largely due to a $189.6 million goodwill impairment charge. Adjusted EBITDA fell to $(6.8 million). Despite these setbacks, the company maintains an updated outlook for 2022, projecting net sales of $330 million to $347 million. CEO Bill Toler emphasized cost-cutting measures and a strong product mix as factors for future recovery.

Hydrofarm Holdings Group (Nasdaq: HYFM) reported preliminary second-quarter results for 2022, showing a 28% decline in net sales, expected between $96.0 million and $97.5 million, down from $133.8 million a year prior. The company anticipates a net loss of $210.4 million to $200.4 million, including a $189.6 million goodwill impairment due to industry challenges. Adjusted EBITDA is projected at ($8.4 million) to ($6.9 million). Despite maintaining solid liquidity with $27.4 million in cash, the company lowered its full-year guidance to $330 million to $347 million in net sales.

Hydrofarm Holdings Group (Nasdaq: HYFM) has announced the resignation of President Terence Fitch, effective June 24, 2022. Bill Toler, CEO, expressed gratitude for Fitch's contributions over the past three years, highlighting his role in preparing the company for future growth. Fitch remarked on the company's strong leadership team, which he believes is well-equipped to address ongoing challenges in the operating environment. Hydrofarm specializes in hydroponics equipment and supplies for controlled environment agriculture.

Hydrofarm Holdings Group (HYFM) reported its first-quarter 2022 results, revealing net sales of $111.4 million, remaining flat year-over-year. Gross profit fell to $16.6 million from $23.2 million, with a net loss of $23.3 million ($0.52 per diluted share), compared to net income of $4.9 million a year earlier. Adjusted EBITDA dropped to $3.1 million, primarily due to higher expenses and an inventory reserve of $3.2 million. For 2022, the company expects net sales between $480 million and $520 million and adjusted EBITDA of $46 million to $54 million.