Eastside Distilling, Inc. (EAST) Tops Q2 EPS by 3c, Revenues Beat

Eastside Distilling, Inc. (NASDAQ: EAST) reported Q2 EPS of ($0.22), $0.03 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $4.29 million versus the consensus estimate of $4.11 million.

Business Highlights

• Gross sales for the second quarter of 2020 were $4.3 million compared to $4.0 million for the second quarter of 2019, led by contributions from Azuñia Tequila and growth in mobile canning operations.
• Net loss was $(2.2) million for the second quarter of 2020, compared to $(2.9) million in the second quarter of 2019.
• Delivered another quarter of sequential improvement in adjusted EBITDA, with adjusted EBITDA of $(0.951) million compared to $(1.849) million in the year ago quarter.
• The Company is announcing a restructuring that will reduce operating expenses by at least $2 million annually with most of the actions already taken in the third quarter.

"I am excited about the next phase of Eastside's evolution as we focus our resources on generating value in our Company-owned brands, while taking advantage of the tremendous opportunity ahead of us in our canning and bottling operations," commented Paul Block, Chairman and CEO of Eastside Distilling.

For earnings history and earnings-related data on Eastside Distilling, Inc. (EAST) click here.

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