fbpx
QQQ
+ 0.00
284.18
+ 0%
DIA
+ 0.00
283.73
+ 0%
SPY
+ 0.00
344.64
+ 0%
TLT
+ 0.00
157.05
+ 0%
GLD
+ 0.00
178.83
+ 0%

New Age Beverages Reports 400% Year-Over-Year Revenue Growth

May 9, 2019 1:23 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

New Age Beverages Corp (NASDAQ:NBEV) shares were trading higher Thursday after the company announced financial results for the first quarter, which came in slightly short of expectations.

What Happened

The maker of healthy beverages said its gross revenue amounted to $60.5 million. Net revenue stood at $58.3 million, a 404-percent year-on-year increase; the figure fell short of the consensus estimate of $61.5 million. 

At the same time, New Age Beverages posted a net loss of $1.62 million, down from a loss of $2.65 million a year earlier. The company's net loss of 2 cents per share missed the consensus estimate of a 1-cent-per-share loss. 

Why It's Important

The company said it ended the quarter with $110 million in cash, up from $42.5 million a quarter earlier and recorded $349.5 million in assets. It had a positive operating cash flow of $11.4 million versus a loss of $100,000 a year earlier. 

New Age Beverages is in the process of significantly expanding its market presence and integrating Morinda, a beverage company it acquired in December.

The company has entered into several partnerships. Recently it announced the expansion of a brand licensing agreement with the family of Bob Marley and the Marley brand for an additional 10 years. The Marley brand recently went national following an agreement with Walmart Inc. (NYSE:WMT). 

What's Next

Going forward, New Age Beverages said it expects to accelerate its growth in the second half of 2019 helped by the national distribution of its brands, the launch of its CBD beverages portfolio and other initiatives that are still to be announced. 

New Age shares were trading higher by 3.33 percent at $5.28 at the time of publication Thursday. 

Related Links:

Walmart To Start Carrying New Age Beverages' Marley Brand Products

How This CBD Company Is Tackling A New Market: 'It's Important To Be First'


Related Articles

Wild By Nature Debuts In 150 Circle K Stores In Florida And Alabama

Wellness and CBD brand Wild By Nature is debuting in over 150 Circle K convenience store locations across Florida and Alabama. The brand intends to enter hundreds of retail stores in the future. read more

MediPharm Labs Closes 12th Deal To Supply Australia With Cannabis Products

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) has partnered with Sunco Green Pharmaceutical Pty Ltd. to bring GMP certified cannabis products to the Australian medical cannabis market and New Zealand. read more

Magic Johnson-Backed Uncle Bud's To Enter Asia Market In November

Uncle Bud's, a hemp and CBD brand backed by Earvin "Magic" Johnson, is poised to debut in Asia. The NBA Lakers legend and Basketball Hall of Famer will launch the brand's newest shop on Nov. 6 on Tmall Global, China's business-to-consumer (B2C) cross-border online platform. read more

Kristen Bell Launches Happy Dance CBD Skincare Brand

Cronos Group Inc. (NASDAQ: CRON) and actress Kristen Bell have partnered to launch Happy Dance, a CBD skincare brand. read more

Michele Harrington To Lead Education, Fundraising Efforts For CBD Sexual Wellness Brand

Foria, a health and sexual wellness brand, has enlisted Michele Harrington — the wife of Viola founder Al Harrington — as an advisor and head of strategic partnerships. read more