Organic beverage company New Age Beverages Corporation (NASDAQ: NBEV) reported net revenue growth of 404% year-over-year to $58.3 million for the first quarter of 2019.
Net loss narrowed to $1.6 million, or $0.02 per share, versus $2.7 million, or $0.07 per share, in the prior-year period, reflecting an improvement of 39%.
Despite the company missing market estimates for revenue and earnings, shares climbed over 4% in premarket hours on Thursday.
CEO Brent Willis said, ”We are pleased with our first quarter operating results, especially in light of the fact that we were in the midst of integrating Morinda into New Age. With our strengthened balance sheet and financial flexibility, we look to accelerate our business in the second half of 2019, buttressing our organic growth coming from the launch of our CBD portfolio, our brands now entering national distribution in the US, and a number of other initiatives launching in the second quarter and throughout the rest of the year.”
Gross profit increased 1,375% year-over-year to $38.6 million. Gross margin rose to 66% versus 23% in the prior year, mainly due to mix and the combination with Morinda which was completed in December.
EBITDA grew to $0.6 million compared to a loss of $2.1 million last year. The company significantly strengthened its balance sheet with $110 million in cash versus $42.5 million at year-end. Total assets were $349.5 million versus $286.9 million on December 31, 2018.
On Tuesday, New Age announced the national expansion of its Bucha Live Kombucha brand at participating 7-Eleven stores. Bucha Live Kombucha is the only major shelf-stable brand, with a 12-month shelf life that is an industry first.
According to data technology company, SPINS, Kombucha is the fastest-growing category among all non-alcoholic beverages, with a sales increase of 31.4% year-over-year in 2018 and household penetration growth of 20%.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
