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March 16, 2020, 6:28 a.m. EDT

New Age Beverages stock falls as sales jump 4-fold but miss expectations

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By Tomi Kilgore

Shares of New Age Beverages Corp. /zigman2/quotes/200595917/composite NBEV +3.11% fell 0.7% in premraket trading Monday, after the Denver-based medical cannabis and wellness beverages company reported a more-than 4-fold increase in fourth-quarter sales, but missed expectations, while losses widened. The net loss was $66.0 million, or 83 cents a share, after a loss of $2.6 million, or 4 cents a share, in the year-ago period. The results included a $44.9 million impairment charge. Revenue rose to $59.2 million from $14.0 million, but was below the FactSet consensus of $66.2 million. Gross margin improved to 54.3% from 23.0%, while gross profit grew 10-fold to $32.2 million. "I believe we are well positioned for 2020 following our business transformation during 2019," said Chief Financial Officer Gregory Gould. "We have a strong balance sheet with over $60 million of cash and over $250 million in assets with less than $30 million of debt, as well as a scale and revenue base that is almost five times the size we were in the prior year." The stock has lost 21.5% over the past three months through Friday, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -0.52% has dropped 41.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.64% has shed 15.1%.

/zigman2/quotes/200595917/composite
US : U.S.: Nasdaq
$ 2.32
+0.07 +3.11%
Volume: 2.02M
Aug. 5, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$208.33 million
Rev. per Employee
$304,998
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 13.52
-0.07 -0.52%
Volume: 416,422
Aug. 5, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,327.77
+21.26 +0.64%
Volume: 2.45B
Aug. 5, 2020 5:27p
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