Hawkins reports Q3 EPS 71c, consensus 61c

Reports Q3 revenue $208.5M, consensus $221.24M. For the third quarter of fiscal 2024, the Company reported net income of $14.9 million, or $0.71 per diluted share, compared to net income for the third quarter of fiscal 2023 of $10.7 million, or $0.51 per diluted share”Following the strong first half of the year, our third quarter performance was highlighted by our bottom-line results, as net income grew 39% in the quarter, and we saw continued momentum in our Water Treatment segment that had revenue growth of 20% and operating income growth of over 80%. As we continue to execute on our strategies for this segment, we are pleased with our many successes, including the completion of the previously-announced acquisitions of Water Solutions Unlimited and Miami Products & Chemicals, as well as the continued profit growth in the segment’s legacy business. In our Industrial segment, operating income was up 15% despite some sales softness, showing disciplined margin management. Sales in our Health and Nutrition segment in the third quarter showed improved performance as compared to the first two quarters.” Mr. Hawkins continued, “As a result of the strong results in the first nine months, along with disciplined inventory management, we were able to fund the current year acquisitions of nearly $80 million while still bringing down our debt from the same time a year ago. With one quarter remaining in the fiscal year, we expect the diversity of our businesses and overall strength of the Company will allow us to continue to generate free cash flow and execute on our growth strategy