Hydrofarm Holdings Group Reports Q2 2024 Earnings Results
Intellectia.AI Updated: 1970-01-01
Hydrofarm Holdings Group Reports Q2 2024 Earnings Results
Hydrofarm Holdings Group, Inc. has released its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Q1 2024 | QoQ Change (%) | Consensus Estimate (Q2 2024) | Difference from Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue | $54.8 million | $63.1 million | -13.1% | $54.2 million | 1.1% | $52.91 million | 3.6% |
| Earnings Per Share (EPS) | -$0.20 | -$0.19 | -5.3% | -$0.18 | -11.1% | -$0.20 | 0% |
Hydrofarm Holdings Group's revenue for Q2 2024 was $54.8 million, representing a year-over-year decline of 13.1%, primarily attributed to a decrease in product volume and lower prices. Quarter-over-quarter, the revenue saw a slight increase of 1.1%. The EPS remained in line with the consensus estimate at -$0.20, reflecting continuous market challenges and restructuring costs.
Revenue Performance by Segment
This section did not provide any useful information as all data points were marked as "Data Not Provided."
Dividends and Share Repurchase Program
No dividends or share repurchases were announced.
Forward Guidance
Hydrofarm did not provide forward guidance for the upcoming quarters.
Stock Price Movement
Following the earnings release, Hydrofarm's stock price saw a marginal decline of 0.6%, reflecting investor concerns over continued operational challenges.
Summary
Hydrofarm Holdings Group continues to experience financial strain due to persistent market oversupply and pricing pressures in the cannabis sector. The company’s restructuring initiatives are ongoing, aimed at streamlining operations and improving efficiency. Despite the setbacks, the revenue was slightly above estimates, signaling potential stabilization. However, the lack of forward guidance and dividend announcements leaves investors in a cautious stance.
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