Welcome to our dedicated page for Hydrofarm Holdings Group news (Ticker: HYFM), a resource for investors and traders seeking the latest updates and insights on Hydrofarm Holdings Group stock.
Hydrofarm Holdings Group, Inc. (symbol: HYFM) stands as a prominent distributor and manufacturer of high-quality hydroponics equipment and supplies, making it the nation's oldest and largest entity in this sector. The company's diverse product portfolio includes lighting solutions, growing media like premium soils and alternatives, nutrients, and various agriculture supplies. These products are marketed under proprietary, exclusive/preferred, or non-exclusive/distributed brands and are found in hundreds of stores and catalogs across North America.
Organized into two key operating segments, the U.S. and Canada, Hydrofarm continually aims to empower growers, farmers, and cultivators with products that enhance quality, efficiency, consistency, and speed in their growing projects. The company's mission is not only to make growing more productive but also to make it easier for enthusiasts of all levels.
Hydrofarm's recent initiatives emphasize sustainability and eco-friendly living. For instance, the company recently featured its innovative products like the SunBlaster Mini Greenhouse Kit and Growlight Gardens on 'The Balancing Act,' showcasing their user-friendliness and efficiency. Additionally, Hydrofarm highlighted its Gaia Green Organics fertilizers and Roots Organics Original Soil, which are celebrated for their environmental benefits and quality. This aligns with Hydrofarm’s vision of promoting indoor gardening as a fun, family-oriented activity that also educates younger generations about food origins.
The latest news reveals continuous improvements in key operating metrics, driven by significant cost savings, enhancing Hydrofarm's financial performance. By staying committed to innovation and customer satisfaction, Hydrofarm remains a significant player in the agricultural sector, contributing to sustainable living and indoor gardening advancements.
Investor Contact: Anna Kate Heller / ICR
Email: ir@hydrofarm.com
Hydrofarm Holdings Group (Nasdaq: HYFM) reaffirmed its fiscal 2021 outlook, projecting net sales of approximately $470M to $490M, a 37% to 43% increase from 2020. Adjusted EBITDA is expected between $47M to $53M. The company anticipates 18% to 23% organic growth and 19% to 20% from acquisitions. However, organic sales are projected to decline in Q4 2021 by low-to-mid teens. For 2022, management expects 8% to 10% organic growth, driven by recent acquisitions and favorable cannabis legislation.
Hydrofarm Holdings Group reported strong third-quarter 2021 results with a 28.1% increase in net sales to $123.8 million, driven by product volume growth. Gross profit surged 64.9% to $30 million, improving margins to 24.2%. Net income rose to $17.3 million or $0.37 per diluted share. The company completed acquisitions of Aurora Innovations and Greenstar Plant Products, enhancing its product portfolio and increasing sales from proprietary brands. Full-year outlook reaffirms net sales growth of 37%-43%.
Hydrofarm Holdings Group has successfully completed its acquisition of Innovative Growers Equipment, enhancing its portfolio in controlled environment agriculture. This acquisition includes IGE's horticulture benches, racking, and LED lighting systems, complementing Hydrofarm's product offerings. The move follows Hydrofarm's recent purchase of Greenstar Plant Products, indicating a strategic push to expand market share and product capabilities. With over 40 years of experience, Hydrofarm aims to empower growers with innovative solutions.
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has announced the acquisition of Innovative Growers Equipment Inc. for approximately $58 million, funded through cash, credit facilities, and stock. This acquisition is expected to enhance Hydrofarm's product portfolio and generate about $48 million in net sales for 2021. Additionally, a $125 million senior secured term loan has been secured to finance this and future acquisitions. Preliminary Q3 2021 results indicate a 27% increase in net sales, with net income projected between $13.3 million and $18.3 million, reflecting a significant growth trajectory.
Hydrofarm Holdings Group reported a strong second quarter for 2021, with net sales increasing 46.7% to $133.8 million. The gross profit surged 65.5% to $29.6 million, marking a 22.1% gross margin. However, net income attributable to common stockholders reached $2.3 million or $0.05 per diluted share, a slight decrease from $0.08 in the prior year. Hydrofarm completed four acquisitions, enhancing its product offerings and market reach. The company revised its full-year outlook, projecting net sales growth of 45%-50% and Adjusted EBITDA of $55-$62 million.
Hydrofarm Holdings Group has successfully acquired Canadian nutrient company Greenstar Plant Products for approximately $83 million. This acquisition, which enhances Hydrofarm's portfolio of premium plant nutrients, is anticipated to generate around $26 million in net sales for 2021, showcasing significant growth. Greenstar’s established brands, Grotek and Gaia Green, contribute to Hydrofarm’s mission of broadening its product offerings in the controlled environment agriculture sector. Financial advisors for the deal included Rothschild & Co. and DLA Piper.
Hydrofarm Holdings Group (Nasdaq: HYFM) will host a conference call on August 12, 2021, at 4:30 PM ET to discuss its second quarter 2021 results. A press release detailing these results will be made available after the market closes that day. Investors can join the call by dialing 201-389-0879, with a replay accessible until August 19, 2021, using passcode 13721342. The call will also be webcast live on Hydrofarm's corporate website under the 'Investors' section.
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has successfully completed its acquisition of Aurora Innovations, Inc., Aurora International, Inc., and Gotham Properties LLC, a manufacturer of organic hydroponic products based in Oregon. This acquisition aligns with Hydrofarm's growth strategy to expand its product offerings and enhance its market position in the controlled environment agriculture sector. Notably, this follows Hydrofarm's recent acquisitions of hydroponic nutrient brands, including HEAVY 16 and House & Garden.
Hydrofarm Holdings Group (Nasdaq: HYFM) announced the redemption of certain outstanding Investor Warrants, which is expected to increase its cash balance by up to $54 million. Holders of these warrants can exercise them until July 19, 2021. The company anticipates having approximately 43.2 million shares outstanding if all warrants are exercised. CEO Bill Toler emphasized that this move will strengthen Hydrofarm's financial position and support its growth and acquisition strategies.
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