Safe & Green (NASDAQ:SGBX) stock is heading higher on Thursday following the release of its earnings report for the fourth quarter of 2022.
This is despite the company reporting diluted earnings per share of -24 cents. While that’s an improvement year-over-year (YOY) from -32 cents, it missed Wall Street’s estimate of -8 cents per share for the quarter.
Moving on, the Safe & Green Holdings earnings report also includes revenue of $4.1 million. That’s below the $6.9 million that Wall Street was expecting. It’s also a drop from the $8.5 million reported in the fourth quarter of 2021.
Safe & Green Holdings explains that the drops in its EPS and revenue are due to Covid-19 testing sites shutting down. Without them, the company lost out on a significant source of revenue.
What the Future Holds for SGBX Stock
Paul Galvin, chairman and CEO of Safe & Green, said the following about its current plans.
“With the pandemic now waning, we have returned to our roots and have successfully evolved into a vertically integrated developer and manufacturer of modular structures. Moreover, we are focused on four key verticals, including a nimble medical sector, each of which we believe will drive long-term revenue growth and profitability.”
Investors are buying SGBX stock this morning, and that’s led to heavy trading. As of this writing, some 2 million shares are on the move. For the record, the company’s daily average trading volume is about 64,000 shares.
SGBX stock is up 36.1% as of Thursday morning.
Investors seeking out more of the latest stock market news on Thursday will want to stick around!
InvestorPlace is home to all of the hottest stock market news for Thursday! Among that is what has shares of Boxed (NYSE:BOXD) stock up, the biggest pre-market stock movers this morning, and more. You can find all that news at the following links!
More Thursday Stock Market News
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.