Grove, Inc. (NASDAQ:GRVI) stock is soaring higher on Wednesday thanks to the CBD company releasing preliminary results from its fiscal fourth quarter of 2021.
Let’s dive into what investors need to know about this news below!
- Starting off, Grove is expecting revenue for its fiscal fourth quarter to range from $10.1 million to $10.4 million.
- The company notes that this represents a more than 300% increase compared to its fiscal Q4 2020 revenue.
- Net income for the period is also expected to range from $1.5 million to $2 million.
- That’s a positive switch compared to its net loss of more than $700,000 from the same period of the year prior.
- The company’s preliminary results also include the full year of fiscal 2021.
- This has revenue expected to come in between $23.6 million and $23.9 million.
- That’s a more than 200% increase from Grove’s revenue of $7.4 million for fiscal 2020.
- Net income for the quarter will also range from $2.0 million to $2.5 million.
- That’s better than the net loss of $5 million from the prior fiscal year.
Allan Marshall, CEO of Grove, Inc., said this about the news boosting GRVI stock today.
“We are excited to have surpassed all our internal projections for growth and profitability in 2021. The success of our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion, while maintaining profitability.”
Grove, Inc. also revealed that it will release its financial results for its fiscal full year of 2021 after markets close on or before Setp. 15.
GRVI stock was up 20.4% as of Wednesday morning.
We’ve got plenty of other stock market news for the interested investor below.
InvestorPlace offers daily coverage of the market and today is no different. Some examples for today include what to expect from the market, why Chinese electric vehicle (EV) stocks are rising, as well as what’s happening with Tilray (NASDAQ:TLRY). You can get up to speed on all of that below!
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- TLRY Stock: The News That Has Cannabis Giant Tilray Moving Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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