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Investing.com -- HF Foods Group Inc. (NASDAQ:HFFG), a leading food distributor to Asian restaurants across the United States, reported fourth quarter earnings that beat analyst expectations, while revenue also came in above estimates.
The company reported adjusted earnings per share of $0.11 for the fourth quarter, exceeding the analyst consensus estimate of $0.09. Revenue for the quarter was $305.3 million, topping the consensus estimate of $287.86 million and representing an 8.7% increase compared to $280.9 million in the same quarter last year.
HF Foods said the revenue growth was primarily driven by volume growth from new wholesale accounts, increased case counts, product cost inflation, and improved pricing in certain categories. However, the company reported a net loss of $43.9 million for the quarter, mainly due to a $46.3 million goodwill impairment charge.
"HF Foods had a strong finish to 2024, and we believe these are positive results as we build momentum as a leading force in the specialty food space." HF Foods President and CEO Felix Lin told Investing.com. "We are proud of how HF Foods brings international and specialty foods from all over the world to neighborhoods across the United States. Looking forward, we plan to capitalize on the immense opportunities for our business in wholesale and retail eCommerce, which have been traditionally underserved by other companies focused on food distribution services. Our top priority continues to be executing on our operational transformation plan, and we believe we are strategically positioned to increase revenue growth, optimize operational efficiencies and deliver long-term value to all our stakeholders."
For the full year 2024, net revenue increased 4.6% to $1.2 billion. The company reported a net loss of $48.1 million for the year, compared to a $2.7 million loss in 2023, primarily due to the goodwill impairment charge.