2023-07-24 17:39:02 ET
- Zevia PBC ( NYSE: ZVIA ) falls 13% in extended trading on Monday after the company lowered outlook for second quarter and annual net sales.
- Q2 net sales are expected to be about $42M versus prior outlook of a range of $48M to $51M, driven by disruption of supply chain service levels amid an operations transition.
- The Seeking Alpha consensus estimate for Q2 sales is $50.44M.
- Demand remained strong helped by price increases, but short-term supply chain logistics challenges hindered fulfillment and impacted net sales results in the quarter.
- Chief Executive Officer Amy Taylor said that customer fulfillment rates fell sharply in the second half of the quarter and did not keep pace with strong customer demand.
- "We expect these issues to be resolved by the end of 2023," Taylor added.
- The company now forecasts FY23 net sales between $163M and $168M compared to prior guidance of $180M to $190M. The consensus estimate is $186.13M.
- Zevia is expected to release its results for the quarter ended June 30, before market opens on August 8.
- Source: Press Release
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Zevia falls after lowering Q2 and annual net sales outlook