WOODCLIFF LAKE, N.J. - Hudson (NYSE:HUD) Technologies, Inc. (NASDAQ: HDSN), a prominent player in the refrigerant products and services sector, announced today the immediate appointment of Brian J. Bertaux as the company's Chief Financial Officer. Bertaux steps into the role following the departure of Nat Krishnamurti, who has left the company to explore other opportunities.
Brian Bertaux brings over two decades of financial management experience to Hudson Technologies, most notably from his time at Trex Company (NYSE:TREX), where he played a significant role in the company's growth, with revenue soaring from $100 million to $900 million and a market cap reaching $10 billion. His career highlights include serving as interim President of Trex Commercial Products and overseeing finance, accounting, and IT as Senior Director, Finance and Strategy.
Prior to joining Hudson, Bertaux held the position of Vice President, Finance at vonDrehle Corporation, which was acquired by Marcal Paper in December 2022. He also served as Chief Financial Officer for Brown Haven Homes. Bertaux's educational credentials include a Bachelor of Science in Finance and Accounting from Frostburg State University and an MBA from the University of Maryland. He is a Certified Public Accountant (CPA) and a Certified Treasury Professional (CTP).
President and CEO of Hudson, Brian F. Coleman, expressed confidence in Bertaux's appointment, citing his extensive experience and proven track record in senior financial roles as assets that will support Hudson's continued growth and shareholder value. Coleman also took the opportunity to thank Nat Krishnamurti for his contributions to the company.
Hudson Technologies is widely recognized for its innovative and sustainable refrigerant products and services, as well as its role as one of the nation's largest refrigerant reclaimers. The company has made significant investments in technology and plants to recover a variety of refrigerants, adhering to the Air-Conditioning, Heating, and Refrigeration Institute standards for reuse. Additionally, Hudson offers a suite of services including RefrigerantSide® Services, SmartEnergy OPS®, Chiller Chemistry®, and Chill Smart®.
In other recent news, Hudson Technologies's Q1 2024 revenue fell to $65.3 million, a 15% drop compared to Q1 2023, due to lower refrigerant prices and reduced revenue from its Defense Logistics Agency contract. Despite these challenges, Hudson Technologies remains optimistic about future increases in refrigerant sales prices and profitability as the American Innovation and Manufacturing (AIM) Act progresses.
In a strategic move, the company confirmed the acquisition of USA Refrigerants for approximately $20.7 million, which is expected to generate an additional $10 million in revenue for 2024 and $20 million for 2025, as projected by Canaccord Genuity. The acquisition is seen as a significant step in bolstering the company's hydrofluorocarbon reclamation activities. Canaccord Genuity maintained its Hold rating on Hudson Technologies' stock, with a price target of $10.00, following the announcement.
In addition, Hudson Technologies has entered into a licensing agreement with The Chemours Company (NYSE:CC). This deal allows Hudson to market its reclaimed refrigerants using the Freon™ brand name, potentially enhancing the visibility of its sustainable refrigerant solutions. These recent developments underscore the company's proactive approach to navigating industry changes and capitalizing on emerging opportunities.
InvestingPro Insights
With the appointment of Brian J. Bertaux as the new CFO of Hudson Technologies, investors and stakeholders are keenly observing the company's financial health and market performance. According to InvestingPro, Hudson Technologies holds a market cap of approximately $403.68 million and is trading at a low earnings multiple with a P/E ratio of 8.7, indicating that the stock may be undervalued relative to its earnings.
Despite a challenging environment with a reported revenue decline of 12.89% over the last twelve months as of Q1 2024, Hudson Technologies maintains a strong gross profit margin of 37.03%, showcasing the company's ability to manage its cost of goods sold effectively. Moreover, an InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which is a reassuring sign of financial stability and may provide a cushion against market volatility.
Another InvestingPro Tip suggests that Hudson Technologies has a high shareholder yield, which could be attractive to investors looking for companies with the potential to return value. For those interested in further insights, there are 11 additional InvestingPro Tips available, which can be accessed by visiting InvestingPro's dedicated page for Hudson Technologies. To get the most out of the service, use coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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