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Hawkins (HWKN) Earnings and Revenues Surpass Estimates in Q1
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Hawkins, Inc. (HWKN - Free Report) logged earnings of $1.12 per share for the first quarter of fiscal 2024 (ended Jul 2, 2023), up from 94 cents in the year-ago quarter. Earnings for the reported quarter topped the Zacks Consensus Estimate of 61 cents.
The company registered revenues of $251.1 million for the quarter, up roughly 2% year over year. It also surpassed the Zacks Consensus Estimate of $242 million. The top line was driven by higher selling prices. Strong sales growth in Water Treatment group was offset by declines in Industrial and Health and Nutrition units.
Industrial segment sales fell 3% year over year to $120.9 million in the reported quarter. Sales in this segment were impacted by the divestment of the company’s consumer bleach packaging business.
Sales from the Water Treatment segment climbed 19% year over year to $93.7 million. Sales were driven by higher selling prices on many of HWKN’s products.
Health and Nutrition segment sales fell 15% year over year to $36.6 million. Lower volumes of specialty distributed products and manufactured products due to weaker demand impacted sales.
Financial
The company ended the quarter with cash and cash equivalents of roughly $7 million, down around 7% sequentially. Long-term debt was roughly $78.4 million at the end of the quarter, down around 23% sequentially.
Net cash provided by operating activities was $34.9 million for the quarter.
Outlook
Moving ahead, the company sees continued growth in the Water Treatment unit for the remainder of 2023 and remains cautiously optimistic about the Industrial segment. For Health and Nutrition, it expects lower consumer demand for health and immunity products to continue through the balance of the year.
Price Performance
Shares of Hawkins have gained 23.2% over a year compared with the industry’s rise of 7.8%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
HWKN currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , PPG Industries, Inc. (PPG - Free Report) and ATI Inc. (ATI - Free Report) .
The Zacks Consensus Estimate for current fiscal-year earnings for CRS is currently pegged at $3.36, implying year-over-year growth of 194.7%. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has a trailing four-quarter earnings surprise of roughly 10%, on average. The stock has rallied around 78% in a year.
PPG Industries currently carries a Zacks Rank #1. The Zacks Consensus Estimate for PPG's current-year earnings has been revised 3.6% upward over the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 7.3%, on average. PPG shares have gained around 13% in a year.
ATI currently carrying a Zacks Rank #2 (Buy). It has a projected earnings growth rate of 13.1% for the current year.
ATI’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13%, on average. ATI shares are up around 50% in a year.
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Hawkins (HWKN) Earnings and Revenues Surpass Estimates in Q1
Hawkins, Inc. (HWKN - Free Report) logged earnings of $1.12 per share for the first quarter of fiscal 2024 (ended Jul 2, 2023), up from 94 cents in the year-ago quarter. Earnings for the reported quarter topped the Zacks Consensus Estimate of 61 cents.
The company registered revenues of $251.1 million for the quarter, up roughly 2% year over year. It also surpassed the Zacks Consensus Estimate of $242 million. The top line was driven by higher selling prices. Strong sales growth in Water Treatment group was offset by declines in Industrial and Health and Nutrition units.
Hawkins, Inc. Price, Consensus and EPS Surprise
Hawkins, Inc. price-consensus-eps-surprise-chart | Hawkins, Inc. Quote
Segment Highlights
Industrial segment sales fell 3% year over year to $120.9 million in the reported quarter. Sales in this segment were impacted by the divestment of the company’s consumer bleach packaging business.
Sales from the Water Treatment segment climbed 19% year over year to $93.7 million. Sales were driven by higher selling prices on many of HWKN’s products.
Health and Nutrition segment sales fell 15% year over year to $36.6 million. Lower volumes of specialty distributed products and manufactured products due to weaker demand impacted sales.
Financial
The company ended the quarter with cash and cash equivalents of roughly $7 million, down around 7% sequentially. Long-term debt was roughly $78.4 million at the end of the quarter, down around 23% sequentially.
Net cash provided by operating activities was $34.9 million for the quarter.
Outlook
Moving ahead, the company sees continued growth in the Water Treatment unit for the remainder of 2023 and remains cautiously optimistic about the Industrial segment. For Health and Nutrition, it expects lower consumer demand for health and immunity products to continue through the balance of the year.
Price Performance
Shares of Hawkins have gained 23.2% over a year compared with the industry’s rise of 7.8%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
HWKN currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , PPG Industries, Inc. (PPG - Free Report) and ATI Inc. (ATI - Free Report) .
The Zacks Consensus Estimate for current fiscal-year earnings for CRS is currently pegged at $3.36, implying year-over-year growth of 194.7%. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has a trailing four-quarter earnings surprise of roughly 10%, on average. The stock has rallied around 78% in a year.
PPG Industries currently carries a Zacks Rank #1. The Zacks Consensus Estimate for PPG's current-year earnings has been revised 3.6% upward over the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 7.3%, on average. PPG shares have gained around 13% in a year.
ATI currently carrying a Zacks Rank #2 (Buy). It has a projected earnings growth rate of 13.1% for the current year.
ATI’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13%, on average. ATI shares are up around 50% in a year.