New Age Beverages (NBEV) Misses Q3 EPS by 10c

New Age Beverages (NASDAQ: NBEV) reported Q3 EPS of ($0.14), $0.10 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $69.8 million versus the consensus estimate of $69.95 million.

KEY HIGHLIGHTS:

• Net revenue improved to $69.8 million, up 427% over Q3 2018 and a 5% increase sequentially from the previous quarter
• Gross margins increased significantly to 57.7% versus 12.8% in Q3 2018
• Net loss was $10.7 million versus $3.5 million in the prior year
• Achieved positive EBITDA of $37,000 on an adjusted basis compared to loss of $2.6 million in Q3 2018

Brent Willis, Chief Executive Officer of NewAge, commented, “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.”

For earnings history and earnings-related data on New Age Beverages (NBEV) click here.

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