USA: Leading US refrigerant supply and management company Hudson Technologies has reported record Q4 and year end results for 2021.
With Q4 revenues up 71% to $37.8m, full year results to December 31 saw revenues hit $192.7m, an increase of 31% over 2020.
The revenue growth was said to have been driven by increased selling prices for certain refrigerants during the period. Largely as a result of those price increases, gross margin for the year was 37%, compared to 24% for full year 2020.
“We’re pleased to have closed 2021 with record fourth quarter and full year results, reflecting significant revenue growth, enhanced margins and improved profitability,” commented Hudson Technologies’ president and CEO Brian F Coleman.
“Assuming this pricing trend continues for the 2022 selling season, we could see revenues exceeding $270m in 2022. As we begin moving through 2022, we are focused on maintaining effective inventory management so that we are well positioned to meet customer demand as virgin HFCs begin to become scarce.”
The US AIM Act’s mandated 10% stepdown in production and consumption allowances for virgin HFCs this year is expected to provide opportunities for Hudson as it drives interest in reclamation.
“With our industry-leading reclamation capabilities, longstanding customer relationships and efficient distribution network, we are positioned to enable the transition to greener refrigerants,” Coleman said.
“Since our Company’s inception, we have been committed to providing a sustainable alternative to virgin refrigerant production, and our technology is capable of reclaiming all types of refrigerant, including next generation HFO gases. As we move through 2022, we believe we have a tremendous opportunity to continue our support of the industry transition to greener refrigerants and to grow our market position as both a supplier and a reclaimer servicing the evolving refrigerant landscape.”