GrowGeneration Earnings Miss Estimates in Q3, Revenues Dip Y/Y

GrowGeneration Corp. GRWG reported a loss per share of 19 cents in the third quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 11 cents. The company had reported a loss of 12 cents in the third quarter of 2023.GrowGeneration generated revenues of $50 million in third-quarter 2024, which declined 10.1% year over year due to 25 fewer retail locations. The top line surpassed the consensus estimate of $48.9 million.Comparable store sales in the quarter improved 12.5% from the prior year.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.GRWG’s Margins Fall Y/Y in Q3The cost of sales declined 0.5% year over year to $39 million in the quarter. The gross profit moved down 32.9% year over year to $11 million. The gross margin was 21.6% in the quarter under review compared with 29.1% in the prior-year quarter. The downside was led by a decline in the Cultivation and Gardening segment’s results and the company’s restructuring activities. Selling, general and administrative expenses declined 2.4% to $7.4 million in the quarter under review. Total operating expenses fell 5.4% year over year to $23 million in the third quarter of 2024. Adjusted EBITDA was negative $2.4 million in the quarter compared with the prior-year quarter’s negative $0.9 million.GrowGeneration’s Q3 Cash PositionAt the end of the third quarter of 2024, GRWG had cash and cash equivalents of $27 million compared with $30 million as of the end of 2023. Inventory was $48 million, and prepaid inventory and other current assets were $7.7 million at the quarter end. Total current liabilities, including accounts payable, and accrued payroll and other liabilities, were $24.5 million at the quarter’s end.GRWG’s 2024 GuidanceThe company expects revenues between $190 million and $195 million for 2024.GrowGeneration Price PerformanceIn the past year, GRWG shares have lost 20.8% against the industry’s 2.9% growth. Image Source: Zacks Investment Research GRWG’s Zacks RankGrowGeneration currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performances of Agricultural Products Stocks in Q3West Fraser Timber Co. Ltd. WFG incurred a third-quarter 2024 adjusted loss of $1.03 per share, wider than the Zacks Consensus Estimate of a loss of 45 cents. The company posted earnings of $1.81 per share in the year-ago quarter. WFG generated revenues of $1.43 billion, down 15.7% year over year. The top line missed the Zacks Consensus Estimate of $1.45 billion.Arcadia Biosciences, Inc. RKDA reported a third-quarter 2024 adjusted loss of 87 cents per share, wider than the Zacks Consensus Estimate of a loss of 77 cents. The company reported earnings of $1.83 per share in the year-ago quarter. Arcadia Biosciences posted revenues of $1.54 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate of $1 million. This compares to year-ago revenues of $1.6 million.Bunge Global SA BG reported third-quarter 2024 earnings of $2.29 per share, beating the Zacks Consensus Estimate earnings of $2.18. The company recorded earnings of $2.99 a year ago.Bunge Global posted revenues of $12.9 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by $12.6. It registered revenues of $14.2 billion in the year-ago quarter.Free: 5 Stocks to Buy As Infrastructure Spending SoarsTrillions of dollars in Federal funds have been earmarked to repair and upgrade America’s infrastructure. In addition to roads and bridges, this flood of cash will pour into AI data centers, renewable energy sources and more.In, you’ll discover 5 surprising stocks positioned to profit the most from the spending spree that’s just getting started in this space.Download How to Profit from the Trillion-Dollar Infrastructure Boom absolutely free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bunge Global SA (BG): Free Stock Analysis Report Arcadia Biosciences, Inc. (RKDA): Free Stock Analysis Report GrowGeneration Corp. (GRWG): Free Stock Analysis Report West Fraser Timber Co. Ltd. (WFG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks