Hf Foods Group ( (HFFG) ) has released its Q3 earnings. Here is a breakdown of the information Hf Foods Group presented to its investors.
HF Foods Group Inc. is an Asian foodservice distributor engaged in marketing and distributing fresh produce, seafood, frozen and dry foods, and non-food products to primarily Asian restaurants across the United States. Based in Las Vegas, Nevada, the company operates within the foodservice distribution sector.
In the latest quarterly earnings report, HF Foods Group Inc. reported total net revenue of $298.39 million for the three months ending September 30, 2024, reflecting growth from the previous year’s third quarter. Despite this increase in revenue, the company faced a net loss of $3.94 million attributable to HF Foods Group Inc., compared to a net income of $1.88 million in the same period last year.
A notable highlight in the earnings report is the increase in the company’s inventories, which grew to $119.51 million from $105.62 million at the end of the previous year. Additionally, HF Foods experienced a rise in its line of credit usage, now standing at $66.91 million, which indicates increased financial activity. The company also reported a decrease in its cash holdings, from $15.23 million at the start of the year to $11.45 million by the end of the third quarter.
Despite the challenges faced, HF Foods Group Inc.’s management remains focused on optimizing operational efficiencies and exploring strategic opportunities to boost its market presence. Looking ahead, the company aims to leverage its established distribution networks and customer relationships to navigate the current market environment effectively.
