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Arcadia Biosciences (RKDA) Shares Gain on Q1 Earnings Beat
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Arcadia Biosciences (RKDA - Free Report) shares have gained 39% since it reported first-quarter 2024 earnings on May 9. This uptick was driven by the company's sequential and year-over-year revenue growth. Even though it reported a loss from continuing operations, it is at its lowest level in six years. Operating expenses decreased significantly from the previous year, resulting in the fifth consecutive quarter of gross profit margins above 30%.
The company reported an adjusted loss of $1.78 per share in the first quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of $2.52. This compares to a loss of $3.86 in the year-ago quarter.
The company had recorded a valuation loss of $6 million related to March 2023 financing transaction in the first quarter of 2023. Including this, RKDA had reported a loss per share of $10.86 in the first quarter of 2023.
Net sales were $1.26 million in the quarter under review, which marked a 1.9% increase from the year-ago quarter, driven by higher GoodWheat and Zola sales. The top line beat the Zacks Consensus Estimate of $1 million.
Arcadia Biosciences, Inc. Price, Consensus and EPS Surprise
Operating expenses declined 15.3% year over year to $4.3 million in the quarter, attributed to declines in selling, general and administrative (SG&A) expenses, and research and development expenses.
The cost of revenues came in at $0.82 million, up from $0.69 million in the prior-year quarter.
Cash Position
As of the end of the first quarter of 2024, RKDA’s cash and cash equivalents were $3.3 million compared with $6.5 million at 2023-end. The company used $3.2 million of cash in operating activities in the quarter compared with a cash outflow of $3.4 million in the prior year.
Key Highlights of 1Q24
In the first quarter, the GoodWheat brand expanded its distribution of pancake and waffle mixes by a few hundred locations. GoodWheat Mac & Cheese was available nationwide on Amazon in first-quarter 2024 in three varieties — Classic Cheddar, White Cheddar and Three Cheese.
During the quarter, Zola opened roughly 200 additional outlets. It plans to ship to around 1,300 new stores in the second quarter. Zola is expected to be a key sales and gross profit driver in 2024, with plans to launch Pineapple and Lime flavors, and increase distribution.
Price Performance
RKDA shares have lost 38% over the past year against the industry's 14.2% growth.
Bunge Global SA (BG - Free Report) reported first-quarter 2024 adjusted earnings per share of $3.04, beating the Zacks Consensus Estimate of $2.55. The bottom line marked a 7% plunge from earnings of $3.26 per share in the year-ago quarter.
BG reported net sales of $13.41 million compared with $15.32 million in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $13.78 million.
West Fraser Timber Co. Ltd. (WFG - Free Report) posted adjusted earnings of 42 cents per share in the first quarter of 2024, beating the Zacks Consensus Estimate of a loss of 6 cents. The company posted a loss of 52 cents in the year-ago quarter.
WFG posted revenues of $1.62 million for the quarter ended March 2024, beating the Zacks Consensus Estimate of $1.40 million. Revenues were flat year over year.
GrowGeneration Corp. (GRWG - Free Report) posted an adjusted loss of 14 cents per share in first-quarter 2024 compared with a loss of 10 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 10 cents.
GRWG recorded net sales of $47.89 million, down 15.8% year over year.
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Arcadia Biosciences (RKDA) Shares Gain on Q1 Earnings Beat
Arcadia Biosciences (RKDA - Free Report) shares have gained 39% since it reported first-quarter 2024 earnings on May 9. This uptick was driven by the company's sequential and year-over-year revenue growth. Even though it reported a loss from continuing operations, it is at its lowest level in six years. Operating expenses decreased significantly from the previous year, resulting in the fifth consecutive quarter of gross profit margins above 30%.
The company reported an adjusted loss of $1.78 per share in the first quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of $2.52. This compares to a loss of $3.86 in the year-ago quarter.
The company had recorded a valuation loss of $6 million related to March 2023 financing transaction in the first quarter of 2023. Including this, RKDA had reported a loss per share of $10.86 in the first quarter of 2023.
Net sales were $1.26 million in the quarter under review, which marked a 1.9% increase from the year-ago quarter, driven by higher GoodWheat and Zola sales. The top line beat the Zacks Consensus Estimate of $1 million.
Arcadia Biosciences, Inc. Price, Consensus and EPS Surprise
Arcadia Biosciences, Inc. price-consensus-eps-surprise-chart | Arcadia Biosciences, Inc. Quote
Operating expenses declined 15.3% year over year to $4.3 million in the quarter, attributed to declines in selling, general and administrative (SG&A) expenses, and research and development expenses.
The cost of revenues came in at $0.82 million, up from $0.69 million in the prior-year quarter.
Cash Position
As of the end of the first quarter of 2024, RKDA’s cash and cash equivalents were $3.3 million compared with $6.5 million at 2023-end. The company used $3.2 million of cash in operating activities in the quarter compared with a cash outflow of $3.4 million in the prior year.
Key Highlights of 1Q24
In the first quarter, the GoodWheat brand expanded its distribution of pancake and waffle mixes by a few hundred locations. GoodWheat Mac & Cheese was available nationwide on Amazon in first-quarter 2024 in three varieties — Classic Cheddar, White Cheddar and Three Cheese.
During the quarter, Zola opened roughly 200 additional outlets. It plans to ship to around 1,300 new stores in the second quarter. Zola is expected to be a key sales and gross profit driver in 2024, with plans to launch Pineapple and Lime flavors, and increase distribution.
Price Performance
RKDA shares have lost 38% over the past year against the industry's 14.2% growth.
Image Source: Zacks Investment Research
Zacks Rank
Arcadia Biosciences currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Peer Stocks
Bunge Global SA (BG - Free Report) reported first-quarter 2024 adjusted earnings per share of $3.04, beating the Zacks Consensus Estimate of $2.55. The bottom line marked a 7% plunge from earnings of $3.26 per share in the year-ago quarter.
BG reported net sales of $13.41 million compared with $15.32 million in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $13.78 million.
West Fraser Timber Co. Ltd. (WFG - Free Report) posted adjusted earnings of 42 cents per share in the first quarter of 2024, beating the Zacks Consensus Estimate of a loss of 6 cents. The company posted a loss of 52 cents in the year-ago quarter.
WFG posted revenues of $1.62 million for the quarter ended March 2024, beating the Zacks Consensus Estimate of $1.40 million. Revenues were flat year over year.
GrowGeneration Corp. (GRWG - Free Report) posted an adjusted loss of 14 cents per share in first-quarter 2024 compared with a loss of 10 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 10 cents.
GRWG recorded net sales of $47.89 million, down 15.8% year over year.