New Age Beverages (NASDAQ: NBEV) reported a wider net loss for the second quarter, hurt by a sharp increase in expenses. Revenues, meanwhile, surged to $66.35 million. The bottom-line missed the estimates, while revenues beat. The company’s stock gained during Thursday’s pre-market trading session, following the announcement.
Net loss widened to $11.68 million or $0.15 per share from $3.37 million or $0.09 per share last year. Analysts were looking for a narrower loss. Hurting the bottom-line performance, operating expenses soared to $44.63 million.
The Utah-based healthy products company reported revenues of $66.35 million, sharply higher than $13.36 million recorded in the second quarter of 2018. The top-line hit a record high and topped estimates. There was a corresponding growth in gross margins to 63%, helped by favorable product mix.
“With the strength of our balance sheet and the improved sales and marketing capabilities that we added with the Brands Within Reach acquisition, we believe we are building excellent momentum for continued improved operating performance in the back half of the year,” said CEO Brent Willis.
Looking ahead, the company expects to achieve strong organic growth in the second half of 2019. The performance in the remainder of the year is seen benefitting from improved sales and marketing capabilities from the recent acquisition of Brands Within Reach.
Last month, Budweiser-maker Anheuser-Busch (BUD) reported higher earnings for its second quarter, supported by strong sales in key markets. Earnings, excluding special items, rose to $1.16 per share from $1.10 per share a year earlier, while revenues remained unchanged at $14 billion.
New Age Beverages shares are currently trading at the lowest level in nearly one year. The stock, which dropped about 34% so far this year, gained sharply after the earnings report Thursday.
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