Hawkins, Inc. 报告 2026 财年第二季度业绩

ROSEVILLE, Minn., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for the six months ended September 28, 2025, its second quarter of fiscal 2026.Second Quarter Fiscal Year 2026 Highlights:Record second quarter results for revenue, gross profit, operating income, and adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”), a non-GAAP measure.Revenue growth of 14%, including Water Treatment segment growth of 21% over the same period of the prior year.Gross profit increased 12% over the same period of the prior year.Diluted EPS of $1.08 per share decreased by $0.08, or 7%, due primarily to a $5 million increase in amortization and interest expense related to acquisitions. Assuming the acquisition of WaterSurplus had occurred at the beginning of the prior fiscal year, pro forma EPS for the quarter would have been 5% higher than the pro forma prior year period.Adjusted EBITDA of $50.4 million, a 9% increase over the same period of the prior year. Trailing 12-month adjusted EBITDA now exceeds $178 million.Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President:“Our second quarter results were highlighted by all three segments growing for the second consecutive quarter. This was a great achievement that was delivered by our entire team working together. Our growth was again led by Water Treatment, with revenue growth of over 21%, followed by Industrial Solutions growing 11% and Food and Health Sciences growing 2%," said Patrick Hawkins, Chief Executive Officer and President. "Our record second quarter revenue of $280 million and record second quarter adjusted EBITDA of $50.4 million are both a result of our ongoing strategy of investing in high-margin business that drives topline growth and enhances our margins. We continue to generate strong cash flow, which allowed us to reduce our debt level by $20 million during the quarter.”Mr. Hawkins, continued, “We are pleased with our growth even as we experienced the expected drag on operating income and earnings per share from our first quarter acquisition of WaterSurplus. This acquisition is expected to be accretive in fiscal 2027 as we continue to ramp the business, but in fiscal 2026 we expect to incur $17 million of annualized expense related to the acquisition associated with amortization, earn-out accretion and interest expense. The integration is going well and currently we see even more high-margin sales opportunities than we expected when we closed the deal. Looking to the second half of the year, we expect Water Treatment and Industrial Solutions to grow, while we expect Food and Health Sciences to be flat to down, driven by tougher comparisons over the prior year and competitive pressures within the food space. We will continue to deliver on our strategy of investing in our higher margin businesses, acquiring companies that are accretive to Hawkins, all while servicing the needs of our customers to the highest level possible.”Change in Reporting SegmentsStarting in the first quarter of fiscal 2026, we aligned our reporting segments to better reflect organization changes made to our business and how we plan to manage our operations and allocate resources going forward. We now report on the following segments: Water Treatment, Food and Health Sciences, and Industrial Solutions. There is no change in how Water Treatment is managed. Food and Health Sciences includes our Nutrition, Food, Agriculture, and Pharmaceutical businesses. Food, Agriculture, and Pharmaceutical had previously been included within the Industrial reporting segment. The investor relations page on our website contains recast historical segment information.Second Quarter Financial Highlights:NET INCOMEFor the second quarter of fiscal 2026, the Company reported net income of $22.6 million, or $1.08 per diluted share, compared to net income for the second quarter of fiscal 2025 of $24.1 million, or $1.16 per diluted share.REVENUESales were $280.4 million for the second quarter of fiscal 2026, an increase of $33.4 million, or 14%, from sales of $247.0 million in the same period a year ago. Each of our segments contributed to the year-over-year growth, with both our Water Treatment and Industrial Solutions segments reporting double-digit growth.Water Treatment segment sales increased $26.4 million, or 21%, to $150.9 million for the current quarter, from $124.5 million in the same period a year ago. Water Treatment sales increased as a result of $23 million of added sales from acquired businesses as well as increased organic sales volumes and improved pricing on certain products.Food & Health Sciences segment sales increased $1.5 million, or 2%, to $72.9 million for the current quarter, from $71.4 million in the same period a year ago. Food & Health Sciences segment sales increased primarily as result of increased sales volumes of our agricultural products as well as increased sales of our health and nutrition products.Industrial Solutions segment sales increased $5.5 million, or 11%, to $56.6 million for the current quarter, from $51.1 million in the same period a year ago. Industrial Solutions segment sales increased primarily as a result of increased sales volumes of certain of our manufactured, blended and repackaged products.GROSS PROFITGross profit increased $7.4 million, or 12%, to $67.6 million, or 24% of sales, for the current quarter, from $60.2 million, or 24% of sales, in the same period a year ago. During the current quarter, the LIFO reserve increased, and gross profit decreased, by $0.3 million, primarily due to a projected increase in certain commodity volumes and costs at year-end. In the same period a year ago, the LIFO reserve was unchanged and therefore had no impact on gross profit.Gross profit for the Water Treatment segment increased $7.4 million, or 20%, to $43.3 million, or 29% of sales, for the current quarter, from $35.9 million, or 29% of sales, in the same period a year ago. Water Treatment segment gross profit increased primarily as a result of increased sales from our acquired businesses as well as increased organic sales.Gross profit for the Food & Health Sciences segment decreased $0.6 million, or 4%, to $15.5 million, or 21% of sales, for the current quarter, from $16.1 million, or 22% of sales, in the same period a year ago. Food & Health Sciences gross profit decreased primarily as a result of lower selling prices as a result of competitive pricing pressures.Gross profit for our Industrial Solutions segment increased $0.7 million, or 9%, to $8.9 million, or 16% of sales, for the current quarter, from $8.2 million, or 16% of sales, in the same period a year ago. Industrial Solutions segment gross profit increased as a result of the increase in sales.SELLING, GENERAL AND ADMINISTRATIVE EXPENSESSelling, general and administrative (“SG&A”) expenses increased $7.2 million, or 27%, to $33.7 million, or 12% of sales, for the three months ended September 28, 2025, from $26.5 million, or 11% of sales, in the same period a year ago. Expenses increased largely due to $5.6 million in added costs from the acquired business in our Water Treatment segment, including amortization of intangibles of $2.5 million and $0.5 million of fair value accretion on earnout liabilities. SG&A expenses also increased due to increases in other variable costs, including variable pay and other personnel costs.ADJUSTED EBITDAAdjusted EBITDA, a non-GAAP financial measure, is an important performance indicator and a key compliance measure under the terms of our credit agreement. An explanation of the computation of adjusted EBITDA is presented below. Adjusted EBITDA for the three months ended September 28, 2025 was $50.4 million, an increase of $4.1 million, or 9%, from $46.3 million in the same period a year ago.INCOME TAXESOur effective income tax rate was 27% for both the current quarter and for the same period a year ago. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes. Our effective tax rate for the full year is currently expected to be approximately 26-27%.BALANCE SHEETAs of September 28, 2025, our working capital was $17 million higher than the end of fiscal 2025 due primarily to increased inventories and decreased accounts payable. During the quarter, we repaid $20 million on our line of credit. Our total debt outstanding at the end of the second quarter was $279.0 million and our leverage ratio was 1.53x our trailing 12-month proforma adjusted EBITDA, as compared to 0.86x of trailing twelve-month adjusted EBITDA at the end of fiscal 2025.About Hawkins, Inc.Hawkins, Inc. was founded in 1938 and is a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for its Water Treatment, Food & Health Sciences, and Industrial Solutions customers. Headquartered in Roseville, Minnesota, the Company has 64 facilities in 28 states and creates value for its customers through superb customer service and support, quality products and personalized applications. Hawkins, Inc. generated $974 million of revenue in fiscal 2025 and has approximately 1,100 employees. For more information, including registering to receive email alerts, please visit www.hawkinsinc.com/investors.Reconciliation of Non-GAAP Financial MeasuresWe report our consolidated financial results in accordance with U.S. generally accepted accounting principles (GAAP). To assist investors in understanding our financial performance between periods, we have provided certain financial measures not computed according to GAAP, including adjusted EBITDA. This non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP measures. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies.Management uses this non-GAAP financial measure internally to understand, manage and evaluate our business and to make operating decisions. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provides a more complete understanding of the factors and trends affecting our financial condition and results of operations.We define adjusted EBITDA as GAAP net income adjusted for the impact of the following: net interest expense resulting from our net borrowing position; income tax expense; non-cash expenses including amortization of intangibles, depreciation and charges for the employee stock purchase plan and restricted stock grants; and non-recurring items of income or expense, if applicable.Adjusted EBITDAThree Months Ended Six months ended(In thousands)September 28,
2025 September 29,
2024 September 28,
2025 September 29,
2024Net Income (GAAP)$22,598 $24,118 $51,773 $52,997Interest expense, net 3,832 1,427 7,101 2,690Income tax expense 8,231 8,873 18,062 18,681Amortization of intangibles 5,527 3,196 10,348 5,998Depreciation expense 7,735 6,731 15,205 13,258Non-cash compensation expense 2,375 1,832 4,587 3,299Non-recurring acquisition expenses 70 94 940 282Adjusted EBITDA$50,368 $46,271 $108,016 $97,205HAWKINS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except share and per-share data) Three Months Ended Six Months Ended September 28,
2025 September 29,
2024 September 28,
2025 September 29,
2024Sales $280,434 $247,029 $573,706 $502,908 Cost of sales (212,791) (186,807) (433,701) (378,031)Gross profit 67,643 60,222 140,005 124,877 Selling, general and administrative expenses (33,703) (26,477) (64,732) (51,341)Operating income 33,940 33,745 75,273 73,536 Interest expense, net (3,832) (1,427) (7,101) (2,690)Other income 721 673 1,663 832 Income before income taxes 30,829 32,991 69,835 71,678 Income tax expense (8,231) (8,873) (18,062) (18,681)Net income $22,598 $24,118 $51,773 $52,997 Weighted average number of shares outstanding - basic 20,737,743 20,757,397 20,727,614 20,786,938 Weighted average number of shares outstanding - diluted 20,845,744 20,860,418 20,837,595 20,898,641 Basic earnings per share $1.09 $1.16 $2.50 $2.55 Diluted earnings per share $1.08 $1.16 $2.48 $2.54 Cash dividends declared per common share $0.19 $0.18 $0.37 $0.34HAWKINS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data) September 28,
2025 March 30,
2025ASSETS CURRENT ASSETS: Cash and cash equivalents $10,415 $5,103Trade accounts receivables, net 131,090 131,795Inventories 92,905 83,512Income taxes receivable — 2,864Prepaid expenses and other current assets 5,148 7,417Total current assets 239,558 230,691PROPERTY, PLANT, AND EQUIPMENT: 455,889 420,953Less accumulated depreciation 208,446 195,667Net property, plant, and equipment 247,443 225,286OTHER ASSETS: Right-of-use assets 17,404 13,449Goodwill 222,145 135,409Intangible assets, net of accumulated amortization 241,077 150,121Deferred compensation plan asset 13,950 11,185Other 2,587 3,726Total other assets 497,163 313,890Total assets $984,164 $769,867LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable — trade $55,270 $61,195Accrued payroll and employee benefits 14,726 19,659Income tax payable 1,218 —Current portion of long-term debt 9,812 9,913Environmental remediation 7,700 7,700Other current liabilities 9,834 8,668Total current liabilities 98,560 107,135LONG-TERM LIABILITIES: Long-term debt, less current portion 268,328 138,906Long-term lease liability 15,114 10,920Pension withdrawal liability 2,960 3,155Deferred income taxes 22,155 22,356Deferred compensation liability 15,233 13,132Earnout liabilities 54,556 12,604Other long-term liabilities 290 1,367Total long-term liabilities 378,636 202,440Total liabilities 477,196 309,575COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,740,284 and 20,684,621
shares issued and outstanding as of September 28, 2025 and March 30, 2025, respectively 207 207Additional paid-in capital 27,261 24,094Retained earnings 478,309 434,259Accumulated other comprehensive income 1,191 1,732Total shareholders’ equity 506,968 460,292Total liabilities and shareholders’ equity $984,164 $769,867HAWKINS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands) Six Months Ended September 28,
2025 September 29,
2024CASH FLOWS FROM OPERATING ACTIVITIES: Net income $51,773 $52,997 Reconciliation to cash flows: Depreciation and amortization 25,553 19,256 Change in fair value of earnout liabilities (1,048) 684 Operating leases 1,881 1,607 Gain on deferred compensation assets (1,664) (833)Stock compensation expense 4,587 3,299 Other 8 (32)Changes in operating accounts providing (using) cash: Trade receivables 5,140 616 Inventories (5,196) (6,403)Accounts payable (11,013) (4,218)Accrued liabilities (4,209) (7,285)Lease liabilities (1,897) (1,624)Income taxes 4,082 341 Other 3,034 811 Net cash provided by operating activities 71,031 59,216 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (24,342) (21,286)Acquisitions (162,508) (25,400)Other 1,037 357 Net cash used in investing activities (185,813) (46,329)CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends declared and paid (7,723) (7,121)New shares issued 1,609 1,297 Payroll taxes paid in exchange for shares withheld (3,028) (2,541)Shares repurchased — (9,149)Payments on revolving loan (40,000) (40,000)Payments for debt issuance costs (764) — Proceeds from revolving loan borrowings 170,000 45,000 Net cash provided by (used in) financing activities 120,094 (12,514)NET INCREASE IN CASH AND CASH EQUIVALENTS 5,312 373 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,103 7,153 CASH AND CASH EQUIVALENTS, END OF PERIOD $10,415 $7,526 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for income taxes $13,980 $18,340 Cash paid for interest $7,182 $2,923 Noncash investing activities - capital expenditures in accounts payable $1,568 $1,094HAWKINS, INC.
REPORTABLE SEGMENTS (UNAUDITED)
(In thousands) Water
Treatment Food &
Health Sciences Industrial
Solutions TotalThree months ended September 28, 2025: Sales$150,908 $72,914 $56,612 $280,434Cost of sales - materials 88,814 53,153 45,131 187,098Cost of sales - operational overhead 18,833 4,280 2,580 25,693Gross profit 43,261 15,481 8,901 67,643Selling, general, and administrative expenses 22,071 8,084 3,548 33,703Operating income 21,190 7,397 5,353 33,940Three months ended September 29, 2024: Sales$124,528 $71,402 $51,099 $247,029Cost of sales - materials 71,264 51,054 40,305 162,623Cost of sales - operational overhead 17,336 4,283 2,565 24,184Gross profit 35,928 16,065 8,229 60,222Selling, general, and administrative expenses 15,825 7,456 3,196 26,477Operating income 20,103 8,609 5,033 33,745Six months ended September 28, 2025: Sales$300,474 $162,091 $111,141 $573,706Cost of sales - materials 177,973 118,967 87,979 384,919Cost of sales - operational overhead 35,493 8,295 4,994 48,782Gross profit 87,008 34,829 18,168 140,005Selling, general, and administrative expenses 41,156 16,465 7,111 64,732Operating income 45,852 18,364 11,057 75,273Six months ended September 29, 2024: Sales$241,704 $156,495 $104,709 $502,908Cost of sales - materials 137,261 112,601 82,246 332,108Cost of sales - operational overhead 33,307 7,926 4,690 45,923Gross profit 71,136 35,968 17,773 124,877Selling, general, and administrative expenses 29,904 14,821 6,616 51,341Operating income 41,232 21,147 11,157 73,536Forward-Looking Statements. Various remarks in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those relating to consumer demand for products containing our ingredients and the impacts of those demands, expectations for results in our business segments and the timing of our filings with the Securities and Exchange Commission. These statements are not historical facts, but rather are based on our current expectations, estimates and projections, and our beliefs and assumptions. Forward-looking statements may be identified by terms, including “anticipate,” “believe,” “can,” “could,” “expect,” “intend,” “may,” “predict,” “should,” or “will” or the negative of these terms or other comparable terms. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Actual results may vary materially from those contained in forward looking statements based on a number of factors, including, but not limited to, changes in competition and price pressures, changes in demand and customer requirements or processes for our products, availability of product and disruptions to supplies, interruptions in production resulting from hazards, transportation limitations or other extraordinary events outside our control that may negatively impact our business or the supply chains in which we participate, changes in imported products and tariff levels, the availability of products and the prices at which they are available, the acceptance of new products by our customers and the timing of any such acceptance, and changes in product supplies. Additional information concerning potential factors that could affect future financial results is included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2025, as updated from time to time in amendments and subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date hereof. We do not undertake any obligation to update any forward-looking statements.Contacts: Jeffrey P. Oldenkamp Executive Vice President and Chief Financial Officer 612/331-6910 [email protected]