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HDSN reported Q1 results:
While revenues were a little light in Q1 given colder weather, the key for us was the gross margin of 39%, well in excess of the long-term target of 35% and the 32% achieved in Q4 22 that we believe caused the over-reaction to the share price. With a normal 9 month selling season (assuming warmer weather comes soon) and the 2024 HFC step downs, we expect increasing preparation for refrigerant customers for supporting reclamation and, therefore, revenues and gross margins. These results keep our thesis in tact
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