leadf
logo-loader
viewHudson Technologies

Hudson Technologies shares plunge after missing 1Q earnings due to sluggish sales of refrigerants

Cooler weather than normal and price declines contributed to the slowdown in demand for refrigerants

Hudson Technologies logo
The company also slashed its revenue expectations for the year to US$230mln

Shares of Hudson Technologies (NASDAQ:HDSN) plunged Thursday after the refrigerant services company missed on both its first-quarter earnings and revenue due to sluggish sales of refrigerants.

Investors sent its shares down a whopping 30.7% to US$2.84 after the Pearl River, New York-based company posted a loss of US$0.02 per share on revenue of US$42.4mln.

The consensus estimate from analysts was that Hudson would earn $0.02 per share on revenue of US$45.9mln.

Weather that was cooler than normal and price declines contributed to Hudson’s weaker revenues and gross margins in the quarter.

“The 2018 selling season has had a very slow start,” said Chairman and Chief Executive Kevin Zugibe in a statement. “Our first quarter results were negatively impacted by declines in both price and volume for most of the refrigerants we sell, with many customers resorting to a just-in-time buying pattern for all refrigerants, as opposed to the typical pre-season inventory stocking in anticipation of the impending cooling season.”

The company also slashed its revenue expectations for the year to US$230mln, down from its previous forecast of US$250mln and below the market estimate of US$248.7mln. The company's previous guidance was revenue of approximately $250.0 million and the current consensus estimate is revenue of $248.7 million for the year ending December 31, 2018.

Hudson Technologies’ products and services are used in commercial air conditioning, industrial processing and refrigeration systems.

Quick facts: Hudson Technologies

Price: 1.54 USD

NASDAQ:HDSN
Market: NASDAQ
Market Cap: $66.76 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Mountain Valley MD to start husbandry animal trials to validate company’s...

Mountain Valley MD (CSE: MVMD- OTCQB: MVMDF) CEO Dennis Hancock and Director of Life Sciences Mike Farber joined Steve Darling from Proactive with news the company is planning to start husbandry animal trials with a third-party research organization to validate injectable solubilized Ivermectin...

6 minutes ago

2 min read