Blue Apron (APRN) Tops Q2 EPS by 53c, Offers Q3 Guidance

Blue Apron (NYSE: APRN) reported Q2 EPS of $0.08, $0.53 better than the analyst estimate of ($0.45). Revenue for the quarter came in at $131 million versus the consensus estimate of $130 million.

• Net revenue for the second quarter of 2020 increased 10% year over year and 29% on a quarterly sequential basis to $131.0 million largely due to the impact on consumer behavior from the COVID-19 pandemic, as well as the continued execution of the company’s growth strategy.
• Increased Customers by approximately 20,000 in the quarter.
• Average Revenue per Customer increased 25% year over year to $331, Orders per Customer increased 17% year over year to 5.4 and Average Order Value increased year over year 5% to approximately $61, all the highest reported levels since prior to 2015.
• Achieved net income of $1.1 million, or $0.08 diluted earnings per share, and a 148% year-over-year increase in adjusted EBITDA to $11.1 million.
• Generated operating cash flow of $15.7 million and free cash flow of $14.4 million.

Third Quarter 2020 Outlook:

Blue Apron today provided an outlook for certain third quarter 2020 financial metrics, reflecting certain assumptions regarding the company’s business, trends, historical seasonal factors, and the continuing impact of COVID-19 on its business, including as a result of changes in consumer behavior and grocery alternatives. Further, the following guidance assumes that the company will not experience any significant disruptions in its fulfillment operations or supply chain as a result of the COVID-19 pandemic.

For the third quarter, the company expects net revenue will grow year over year to approximately $112.0 million, or approximately 13%, compared to prior year. Assuming similar historical seasonal demand and cost trends, the company expects to incur a net loss of no more than $18.0 million and an adjusted EBITDA loss of no more than $8.0 million.

(Consensus sees Q3 revenue of $102.9 million)

For earnings history and earnings-related data on Blue Apron (APRN) click here.

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