Categories Earnings, Retail

New Age Beverages’ Q3 results miss expectations

New Age Beverages Corporation (NASDAQ: NBEV) missed market estimates on revenue and earnings for the third quarter of 2019. Shares plummeted 14% in premarket hours on Thursday. 

Total revenue jumped 427% year-over-year to $69.8 million, but fell slightly below estimates of $69.9 million.

Net loss was $10.7 million, or $0.14 per share, compared to a loss of $3.5 million, or $0.08 per share in the prior-year period. Analysts had forecast a loss of $0.04 per share.  

CEO Brent Willis said, “We had our best performance ever at NewAge and continue to build strength and momentum. Both China and Japan had their best results of the year, with China finishing the month of September at 5% growth versus prior year, and 92% growth versus the prior month. During the quarter, we closed on and began the integration of the Brands Within Reach acquisition, while continuing to fully integrate the Morinda operations into NewAge. All of these initiatives are major undertakings and the team continues to do an outstanding job in both driving performance and building out our global platform at the same time.”

Also read: Luckin Coffee Q3 2019 Earnings Report

Gross margin increased to 57.7% from 12.8% in the prior year quarter, mainly due to the positive change in product and channel mix, especially with the growth in the e-commerce business.

Total operating expenses rose to $43.3 million from $5.1 million last year, driven mainly by increases in SG&A and commission expenses associated with the new scale of the business.

Cash and cash equivalents at September 30, 2019 totaled $68.4 million.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

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