HYFM - Ancillary Cannabis Co. Hydrofarm Reports YoY Drop In Q1 Sales Gross Profit While Narrowing Loss Expects To Cash In On Marijuana Rescheduling | Benzinga
Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM), a cannabis-focused manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, announced its financial results on Tuesday for its first quarter ended March 31, 2024.
"We are pleased with our first quarter results, as we delivered adjusted gross profit margin expansion for the fifth consecutive quarter driven by elevated operational productivity," Bill Toler, chairman and CEO of Hydrofarm said.
Q1 2024 Financial Highlights
- Net sales decreased to $54.2 million compared to $62.2 million in the prior year's period.
- Gross profit decreased to $10.9 million, compared to $11.4 million in the same quarter of last year.
- Gross profit margin increased to 20.2% of net sales compared to 18.3% in the first quarter of fiscal 2023.
- Adjusted gross profit margin increased to 23.4% of net sales compared ...