Hudson Technologies, Inc. (NASDAQ:HDSN) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET

Company Participants

John Nesbett - IMS Investor Relations

Brian Coleman - Chairman, President and Chief Executive Officer

Nat Krishnamurti - Vice President and Chief Financial Officer

Conference Call Participants

Ryan Sigdahl - Craig-Hallum Capital Group

Chip Moore - EF Hutton

Gerry Sweeney - ROTH Capital

Operator

Greetings. Welcome to the Hudson Technologies' First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, John Nesbett of IMS Investor Relations. You may begin.

John Nesbett

Thank you. Good evening and welcome to our conference call to discuss Hudson Technologies' financial results for the first quarter 2023. On the call are Brian Coleman, President and Chief Executive Officer; and Nat Krishnamurti, Chief Financial Officer.

I'll now take a moment to read the Safe Harbor statement. During the course of this conference call, we will make certain forward-looking statements. All statements that address expectations, opinions or predictions about the future are forward-looking statements. Although they reflect our current expectations and are based on our best view of the industry and our business as we see them today, they are not guarantees of future performance.

Please understand that these statements involve a number of risks and assumptions and since those elements can change, in certain cases, are not within our control, we would ask that you consider and interpret them in that light.

We urge you to review Hudson's most recent Form 10-K and other subsequent SEC filings for a discussion of the principal risks and uncertainties that affect our business and our performance and of the factors that could cause actual results to differ materially.

With that, I will now turn the call over to Brian Coleman. Go ahead, Brian.

Brian Coleman

Good evening and thank you for joining us. 2023 is off to a solid start and in line with our long-term target expectations. As you know, the 2022 selling season was exceptional due to sale prices rising at a much faster pace than inventory cost, which creates a tough quarter-to-quarter comparison.

Our first quarter results reflects this dynamic, with revenues down slightly due to a combination of lower selling prices for certain refrigerants as well as a decrease in demand compared to the first quarter of 2022.