Hydrofarm reports Q2 EPS (51c) vs. (28c) last year

Reports Q2 revenue $54.8M vs. $63.1M last year. Bill Toler, Chairman and Chief Executive Officer of Hydrofarm, said, “In the second quarter we delivered positive Adjusted EBITDA for the fourth time in the last five quarters, illustrating the effectiveness of our restructuring plan and related cost savings efforts. We also increased our Adjusted Gross Profit Margin on a sequential basis, as we continue to strategically focus on higher margin proprietary brands and enhancing our operational efficiency. Year to date, we delivered $1.7 million of improvement in Adjusted EBITDA and this was notably our lowest first half year over year net sales decline in the last three years. During the quarter we further optimized our manufacturing footprint by streamlining and consolidating operations. We expect these actions to result in additional cost savings via increased utilization and productivity at our remaining facilities. Alongside our own initiatives, we are also excited about potential industry demand tailwinds, most notably the possible rescheduling of cannabis. While the industry remains soft today, we continue to operate profitably and are confident in our long-term business fundamentals and growth opportunity.”