Hydrofarm reports Q3 EPS (29c) vs (44c) last year

Reports Q3 revenue $44M, consensus $49.14M. Bill Toler, Chairman and Chief Executive Officer of Hydrofarm (HYFM), said, “We achieved significant Adjusted Gross Profit Margin(1) year-over-year expansion in Q3 for the fifth time in the last six quarters, as our strategic focus on proprietary brands continues to deliver mix benefits and operational efficiencies. We also continued to integrate and consolidate our manufacturing, distribution and back-office operations during the third quarter. And through these restructuring and related cost-saving efforts, we realized an additional 10.7% Adjusted SG&A(1) expense savings in the quarter. This now marks the ninth straight quarter in which we have driven year-over-year Adjusted SG&A expense savings. We are pleased to reiterate our outlook for the year, despite the persistent industry softness. Moving forward, we will continue to strategically prioritize selling our higher margin proprietary brands, and remain confident in the long-term growth opportunity for Hydrofarm.”