Categories Earnings, Retail

New Age Beverages’ stock climbs on Q1 revenue growth of 404%

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

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top