Charlotte’s Web (OTCMKTS:CWBHF) earnings for the second quarter of fiscal year 2020 has CWBHF falling on Monday. This comes after reporting revenue of $21.6 million, which is worse than Wall Street’s estimate of $25.92 million. The company also reported adjusted losses per share of 13 cents, while analysts were expecting a 4-cent loss.
Additionally, Charlotte’s Web reported GAAP losses per share of 13 cents for the period.
Here is what else is worth mentioning from the most recent Charlotte’s Web earnings report.
- Adjusted losses per share were way lower than earnings per share (EPS) of 2 cents during Q2 of FY2019.
- Revenue for the quarter comes in 13.6% lower compared to $25 million during the same time last year.
- Charlotte’s Web earnings also includes a net loss of $14.4 million.
- That is much worse than net income of $2.2 million from the second quarter of FY2019.
Deanie Elsner, CEO of Charlotte’s Web, had this to say about the CWBHF stock earnings:
“Second quarter revenue was below expectations due to the impact of COVID-19 on retail sales. However, our DTC sales increased 33.6%, largely offsetting declines in B2B retail sales. We made excellent progress building out our infrastructure and expanding our products portfolio with the closing of the Abacus acquisition. Abacus CBD Medic™ products are now being sold through our online store and we look forward to realizing more cross-selling revenue synergies with Abacus through our FDM partners.”
Moreover, the company does not mention any sort of FY2020 guidance. However, we know what Wall Street is looking for. Analysts are calling for losses per share of 14 cents on revenue of $111.91 million.
CWBHF stock was down 4.9% as of Monday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
