Hudson Technologies Inc. (NASDAQ:HDSN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 05:00 pm ET
Hello, everyone, and thank you for joining today's Hudson Technologies' Second Quarter 2020 Earnings Report. [Operator Instructions]
To get us started with opening remarks and introductions, I am pleased to turn the floor to Ms. Jennifer Belodeau. Welcome, Jennifer.
Thank you. Good evening, and thanks for joining us tonight. Welcome to our conference call to discuss Hudson Technologies' financial results for the second quarter of 2020. On the call with me today is 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 of 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 and 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 other factors that could cause our actual results to differ materially.
With that out of the way, I'd like to turn it over to Brian Coleman.
Thank you, and good evening. This has been a difficult last few weeks at Hudson as we mourn the unexpected loss of our founder, Kevin Zugibe. Many of you reached out to express their condolences and that outreach has been very much appreciated. Professionally, Kevin was an industry pioneer with a love for innovation, who applied his engineering expertise and market knowledge to build this Company from the ground up. Personally, Kevin brought his energy, kindness and sense of humor into our offices every day. And candidly, we are still in the process of adjusting to his absence. However, over the years, Kevin put together a very strong operating team, and each of us is committed to driving the continued success of the company he built. Before we begin with our review of the second quarter, please join me in a brief moment of silence to honor Kevin's memory. Thank you.
Our second quarter results were solid, particularly in light of the challenging landscape that Hudson, our industry and the nationwide economy is still contending with due to the persistence of the COVID virus. During the second quarter, closures of public venues, such as office buildings, recreation centers, schools and universities, negatively impacted our end markets and the overall demand for refrigerants.
While we saw a slight increase in the pricing of certain refrigerants in the quarter, this improvement was offset by lower volumes, which resulted in a revenue decrease compared to the second quarter of last year.