New Age Beverages (NBEV) Misses Q4 EPS by 75c, Revenues Miss

New Age Beverages (NASDAQ: NBEV) reported Q4 EPS of ($0.83), $0.75 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $59.2 million versus the consensus estimate of $66.2 million.

Fourth Quarter 2019 Financial Results

• During the fourth quarter of 2019, net revenue increased 323% to $59.2 million compared to $14.0 million in the fourth quarter of 2018.
• Gross profit in the fourth quarter of 2019 increased 10-fold to $32.2 million compared to $3.2 million in the fourth quarter of 2018. Gross margin increased to 54.3% for the fourth quarter of 2019 compared to 23.0% for the fourth quarter of 2018, reflecting the positive change in both product and channel mix, especially with our direct-to-consumer business.
• Net loss was $65.9 million, or $0.83 per share, during the fourth quarter of 2019 compared to a net loss of $2.6 million, or $0.04 per share, in the fourth quarter of 2018. The increase in net loss was significantly impacted by the $44.9 million non-cash impairment charge taken during the fourth quarter of 2019.
• Adjusted EBITDA was a loss of $17.4 million compared to an adjusted EBITDA loss of $8.7 million in the prior year period. The increased adjusted EBITDA loss was due primarily to the impact of the U.S. retail brands that are under strategic review, as well as continued softness in China that have been a consistent industry challenge since government intervention in the early part of 2019.

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

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