$HYFM reports solid financial results and restructuring efforts for 2022
Mar 9th 2023, 9:10 pm
Analyst Summary: Hydrofarm Holdings Group, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2022. Though the current operating environment remains challenging, the company finished 2022 with their net sales coming in at the upper end of their previously provided outlook and generated positive free cash flow for the third quarter in a row. The company initiated restructuring to streamline operations, reduce costs and improve efficiencies. Initiatives include narrowing the company's product and brand portfolio and relocating and consolidating certain manufacturing and distribution centers. The company looks to reinvest the net proceeds from the Sale-Leaseback Transaction into certain permitted investments such as capital expenditures, which are expected to primarily support growth and productivity programs in 2023. The company expects a modestly positive adjusted EBITDA for the full year 2022, which is a non-GAAP measure.