Local Bounti Q2 2024 GAAP EPS $(3.00) Misses $(2.32) Estimate, Sales $9.443M Miss $11.150M Estimate
Portfolio Pulse from Benzinga Newsdesk
Local Bounti (NYSE: LOCL) reported Q2 2024 GAAP EPS of $(3.00), missing the $(2.32) estimate by 29.31%. Sales were $9.443M, missing the $11.150M estimate by 15.31%, but up 31.46% from $7.183M last year.
August 13, 2024 | 11:18 am
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NEGATIVE IMPACT
Local Bounti reported a significant miss on both EPS and sales estimates for Q2 2024. The EPS of $(3.00) was 29.31% below the consensus estimate, and sales of $9.443M were 15.31% below expectations. Despite a 31.46% YoY increase in sales, the substantial miss on estimates is likely to negatively impact the stock price in the short term.
The significant miss on both EPS and sales estimates indicates weaker-than-expected financial performance, which is likely to result in a negative market reaction. The YoY sales growth is a positive sign but not enough to offset the impact of missing analyst expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100