SANW - S&W Seed GAAP EPS of $0.74 beats by $0.81 revenue of $17.66M misses by $4.34M
2023-05-11 08:27:30 ET
- S&W Seed press release ( NASDAQ: SANW ): Q3 GAAP EPS of $0.74 beats by $0.81 .
- Revenue of $17.66M (-23.8% Y/Y) misses by $4.34M .
- Adjusted EBITDA improved by $4.1 million to $(0.4) million for the third quarter of fiscal 2023, compared to the third quarter of fiscal 2022, primarily driven by gross margin expansion and cost structure alignment in addition to the recognition of the Employee Retention Credit.
- Fiscal 2023 Guidance: S&W is updating its previously issued guidance for fiscal 2023 revenue and adjusted EBITDA. The Company expects fiscal 2023 revenue to be within a range of $65.0 million to $75.0 million, compared to fiscal 2022 revenue of $71.4 million. The Company currently expects about $10.0 million of revenue to shift from the fourth quarter of fiscal 2023 to the first half of fiscal 2024 due to delayed plantings as a result of weather in Australia and the U.S., as well as geopolitical issues in MENA. Adjusted EBITDA is now expected to be in the range of $(12.0) million to $(8.0) million for fiscal 2023, compared to adjusted EBITDA of $(23.8) million in fiscal 2022.
- As the partnership with Shell is accounted for as an equity method investment, it is not expected to have a material impact on S&W's full-year financial results for fiscal 2023.
- Shares +10.37% PM.
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S&W Seed GAAP EPS of $0.74 beats by $0.81, revenue of $17.66M misses by $4.34M