HNST - The Honest Company Reports Q4 and FY 2023 Financial Results

2024-03-07 09:38:17 ET

DENVER, Colo., Mar 07, 2024 ( 247marketnews.com )- The Honest Company (NASDAQ: HNST ) reported, after yesterday’s market close, its financial results for the fourth quarter and full year 2023.

Fourth quarter revenue grew 10%, year-over-year, to $90 million, driven by growth in the Digital channel, which increased 28%, volume growth and the benefit of price increases and net income reached $1 million, compared to a net loss of $13 million in the fourth quarter of 2022.

The Honest Company is trading at $4.27, up $1.12 (+35.51%), on 1.1M shares.

Management projects that net revenue growth will be in the low-to-mid single digit percentage, which factors in a softer first half of 2024 compared to the second half of 2024

“Our fourth quarter results demonstrate the benefit that our Transformation Initiative has had on the business. Our clear focus on Brand Maximization, Margin Enhancement, and Operating Discipline has enabled us to achieve both positive Net Income and positive Adjusted EBITDA,” said Chief Executive Officer, Carla Vernón. “These achievements are a reflection of our Honest team’s tenacity and commitment to drive shareholder value. I am confident in our long-term strategy and look forward to continuing to bring clean, effective and trustworthy products to our categories. This mission, grounded in our unique and rigorous Honest Standard, serves an enduring and important role for our growing Honest community.”

“Our team’s work executing against our Transformation Initiative over the last 12 months has helped us to successfully build a strong financial foundation,” said Chief Financial Officer, Dave Loretta. “As a result, we achieved double-digit revenue growth for the fourth quarter, while also improving gross margin and reducing operating expenses. At the same time, we improved our balance sheet, more than doubling our year-end cash position. Our 2024 outlook emphasizes profitable growth and showcases the confidence we have in the long-term strategy and financial future of Honest.”

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