Hudson Technologies reports Q1 EPS 33c, consensus 27c

Reports Q1 revenue $77.2M, consensus $83.25M. Brian Coleman, president and CEO of Hudson Technologies commented, "As we move through the 2023 selling season, we are focused on continuing to drive the momentum we’ve built over the past eighteen months. As anticipated, we faced a tough comparison to the extraordinary gross margin performance during the 2022 selling season, and our first quarter 2023 results reflected this dynamic. During the first quarter of last year, we saw significant sales price increases without a corresponding increase in inventory price, which resulted in unsustainably high gross margin. First quarter 2023 gross margin moderated as expected compared to the first quarter of 2022, but still came in ahead of our long-range target gross margin of 35%. Additionally, we achieved strong profitability and generated cash flow from operations that was two times greater than cash flow generated in the first quarter of 2022. As the selling season gets underway in earnest, we are confident that our leadership position in the industry, operational excellence, proven distribution network and longstanding customer relationships position us well to drive continued strong performance."