Welcome to our dedicated page for HF Foods Group news (Ticker: HFFG), a resource for investors and traders seeking the latest updates and insights on HF Foods Group stock.
HF Foods Group Inc. (symbol: HFFG) is a dynamic foodservice company, formerly known as Atlantic Acquisition Corp. The organization operates through its subsidiary, HF Group Holding Corporation, as a leading food service distributor specializing in meeting the needs of Asian and Chinese restaurants primarily in the southeastern United States. HF Foods Group serves over 3,200 restaurants spread across 10 states, offering a diverse range of products including fresh produce, seafood, frozen and dry food, and non-food items.
With a focus on the Asian culinary market, HF Foods Group has carved out a niche by providing a comprehensive selection of high-quality ingredients and supplies tailored to the unique requirements of Chinese and Asian eateries. The company is dedicated to delivering exceptional service, primarily servicing customers who speak Mandarin or other Chinese dialects, ensuring effective communication and strong customer relationships.
HF Foods Group Inc. continuously strives for growth and innovation. Recent achievements include expanding its distribution capabilities and enhancing its product portfolio to better serve its diverse clientele. Current projects aim at furthering market penetration and improving the efficiency of its supply chain, ensuring that customers receive fresh and top-tier products promptly.
In terms of financial condition, HF Foods Group has shown resilience and adaptability, maintaining a stable position in the competitive foodservice sector. Strategic partnerships and a solid customer base contribute to the company's robust business model. As an investor looking for updates and developments related to HF Foods Group Inc., you'll find the company's performance, ongoing projects, and latest news crucial in gauging its market trajectory.
Latest News:
- Partnership with new suppliers to enhance product variety.
- Expansion into additional states to widen market reach.
- Introduction of new technology for better inventory management.
HF Foods Group Inc. (NASDAQ: HFFG) reported improved financial results for Q2 2024. Net revenue increased 3.4% to $302.3 million, while gross profit rose 3.6% to $52.5 million. The company achieved a net income of $0.2 million, compared to a net loss of $1.6 million in the prior year. Adjusted EBITDA saw a significant increase of 26.4% to $10.6 million.
For the first six months of 2024, net revenue grew 2.0% to $598.0 million, and gross profit increased 2.0% to $102.9 million. The net loss improved to $0.3 million from $7.4 million in the previous year. The company attributes these improvements to its operational transformation plan, including the restoration of a cross dock operation in Northern California and the launch of a modern ERP solution.
HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States, has announced it will report its financial results for the second quarter ended June 30, 2024, on Tuesday, August 6, 2024, after market close. The company will provide prepared remarks from executive management discussing the results, along with additional comments and details, through the "Events" section of its Investor Relations website. The webcast will be archived and available for replay, allowing investors and interested parties to access the information at their convenience.
HF Foods Group, a prominent food distributor to Asian restaurants in the U.S., has appointed Dr. Yujie Wang to its board of directors, effective immediately. Dr. Wang, a veteran in the food production industry with over 25 years of experience, succeeds Prudence Kuai. The board now includes four independent directors and CEO Peter Zhang. Dr. Wang's expertise spans product development, sales, general management, key account management, and personnel development. She holds a PhD in Food Engineering from Kansas State University. CEO Peter Zhang expressed enthusiasm about Dr. Wang's addition to the team, highlighting her unique qualifications and experience.
HF Foods Group has appointed Maria Ross to its board of directors, effective immediately. Ross replaces Dr. Hong Wang, who has stepped down. The board still includes four independent directors and CEO Peter Zhang. Ross brings over 30 years of supply chain experience from companies such as Nike, The Fresh Market, BJ’s Wholesale Club, Oldcastle, and The Home Depot. Her expertise in strategic planning and operational execution is expected to be valuable for HF Foods as it continues to serve Asian restaurants across the U.S.
HF Foods Group (NASDAQ: HFFG), a major food distributor to Asian restaurants in the U.S., announced the appointment of Lisa Lim and Charlotte Westfall to its board of directors from June 7, 2024. Ms. Lim, a retired partner from Ernst & Young, brings 39 years of expertise in strategic business development, digital transformations, and financial advisement. Ms. Westfall, an attorney specializing in corporate governance and US-China business transactions, will also join the board. These appointments increase the board's independent directors to four, alongside CEO Peter Zhang. The company anticipates leveraging their experience for future growth and transformation.
HF Foods Group (NASDAQ: HFFG) has resolved a formal SEC investigation concerning allegations of securities law violations by its former executives. The company consented to a cease-and-desist order without admitting or denying the SEC's findings and will pay a $3.9 million civil penalty. The SEC acknowledged HF Foods’ remedial actions and cooperation. Additionally, former Chairman and CEO Zhou Min Ni and former CFO Jian Ming “Jonathan” Ni will pay fines and be barred from officer and director roles. This settlement allows HF Foods to focus on future business expansion and ethical operations.
HF Foods Group Inc. (NASDAQ: HFFG) reported unaudited financial results for the first quarter ended March 31, 2024. The company achieved its highest net revenue ever of $295.7 million, with an increase in net revenue and gross profit compared to the prior year. Despite exiting its chicken processing businesses in 2023, the company's net loss improved, and adjusted EBITDA increased significantly. The management commentary highlighted progress in operational transformation, including centralized purchasing, fleet improvements, digital transformation, and facility upgrades to drive sales and efficiencies. Cash flow from operating activities decreased, but the company had a cash balance of $18.2 million and access to additional funds through its line of credit.
HF Foods Group Inc. (NASDAQ: HFFG) will be participating in the Sidoti Micro Cap Conference, with their executive management team hosting a presentation on May 8, 2024. The webcast will be live-streamed and archived for replay on the Company's Investor Relations website.
HF Foods Group Inc. (NASDAQ: HFFG) will report Q1 2024 financial results on May 8, 2024. The pre-recorded earnings call webcast will be accessible on the Investor Relations website for replay. HF Foods is a prominent food distributor to Asian restaurants in the US.
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