RiceBran Technologies (RIBT) Misses Q3 EPS by 1c, Revenues Miss

RiceBran Technologies (NASDAQ: RIBT) reported Q3 EPS of ($0.10), $0.01 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $5.3 million versus the consensus estimate of $6.09 million.

"We are excited to complete various projects and we look forward to improving sales and margins in the fourth quarter and beyond," said Brent Rystrom, President and Chief Executive Officer. "We lost a month of production at Golden Ridge in the third quarter while completing our debottlenecking project, but we are now seeing sharply improved production volumes and a significant improvement in unit-level economics. Golden Ridge is important to RBT's long-term future as it will lower our costs for stabilized rice bran and is located in Arkansas, the largest rice producing state in the U.S. where it provides us with strong access to customers in the Midwest and Eastern U.S. Our core rice bran business showed modest growth in the third quarter but did not include the on-boarding of half a dozen new customers that will favorably impact our results starting with the fourth quarter. Additionally, we are about to ship to our first major new customer addition at MGI Grain in the fourth quarter as well, an important step in leveraging that business."

For earnings history and earnings-related data on RiceBran Technologies (RIBT) click here.

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