Hostess Brands (NASDAQ:TWNK) earnings for first quarter of 2020 have TWNK stock heading higher on Friday. This comes after reporting adjusted earnings per share (EPS) of 14 cents. That’s just above Wall Street’s estimate of 13 cents per share for the quarter. Its revenue of $243.49 million also beats out analysts’ estimates of $228.88 million.
Here’s what else is worth noting from the most recent Hostess Brands earnings report.
- Adjusted per-share earnings match what was reported in the first quarter of 2019.
- Revenue is sitting 9.3% higher than the $222.74 million from the same time last year.
- Operating income of $15.17 million is a 58% decline year-over-year from $36.11 million.
- The Hostess Brands earnings report also includes a net income of $2.64 million.
- This is a 90.1% drop compared to its net income of $26.61 million from the same period of the year prior.
Andy Callahan, president and CEO of Hostess Brands, said this in the Q1 earnings report:
“We achieved strong results exceeding our expectations during the beginning of the first quarter prior to the impacts of COVID-19. In light of the COVID-19 pandemic we have implemented meaningful changes to our operations to address our primary concern for the health and safety of our employees as we execute through this unprecedented operating environment.”
The Hostess Brands earnings report also has it suspending its 2020 outlook. This is due to the novel coronavirus causing problems for the economy. Many other companies have been doing the same.
TWNK stock was up 3.3% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.