From GlobeNewswire:

HF Foods Group Inc. reported unaudited financial results for Q4 and full year 2023. Net revenue decreased 3.8% to $280.9 million in Q4. Gross profit increased 3.0% to $52.3 million. For the full year, net revenue decreased 1.9% to $1,148.5 million. Gross profit decreased 0.7% to $204.0 million. Adjusted EBITDA increased to $44.6 million for the full year. CEO Peter Zhang highlighted progress made on operational transformation to drive growth and profitability. The company successfully expanded margin through centralized purchasing for Seafood and exited low margin chicken processing businesses. They have also entered into a partnership with a national transportation provider to drive efficiency in fleet programs. As the only nationwide operator dedicated to serving Asian foodservice market, the company is positioned for growth. In Q4 2023, net revenue decreased to $280.9 million primarily due to deflationary pricing in key commodities. Gross profit increased to $52.3 million mainly from exit of lower margin chicken processing businesses. Distribution, selling, and administrative expenses decreased by $13.1 million. Net income increased to $2.7 million. Adjusted EBITDA increased to $20.4 million, benefiting from net settlement amounts. For full year 2023, net revenue decreased to $1,148.5 million primarily due to deflationary pricing in Seafood, Meat, and Poultry. Gross profit decreased to $204.0 million mainly due to decreases in revenue from Meat and Poultry. Distribution, selling, and administrative expenses remained consistent with the prior year. Net (loss) income decreased to a net loss of $2.7 million. Adjusted EBITDA increased to $44.6 million. Cash flow from operating activities decreased to $15.8 million. Company had a cash balance of $15.2 million and access to approximately $37.6 million in additional funds through its line of credit. A pre-recorded earnings call webcast is available on the Investor Relations website.



Read more at GlobeNewswire:: HF Foods Reports Fourth Quarter and Full Year 2023