Reed’s, Inc. Announces First Quarter 2019 Financial Results
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Reed's (REED) Misses Q1 EPS by 2c, Revenues Beat; Affirms FY19 Revenue Mid-Point Guidance Above Consensus
May 14, 2019 4:14 PM EDTReed's (NASDAQ: REED) reported Q1 EPS of ($0.11), $0.02 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $8.45 million versus the consensus estimate of $8.36 million.
Net Sales were $8.4 million in the first quarter, a 2% increase compared with the prior year, while core brand gross sales increased 15% driven by strong volume growth of the Virgils brand, which increased 46%;Gross profit increased 9% to $2.5 million from $2.3 million in the prior year period. Gross margin increased 185 basis points to 30% from 28% in the prior year period;Operating loss was $2.9 million compared with $1.1... More