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.”
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.
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