Urban-Gro (NASDAQ:UGRO) stock is taking a beating on Thursday following the release of the indoor controlled environment agriculture company’s fourth quarter 2023 earnings report.
The Urban-Gro report starts with adjusted losses per share of 34 cents. That’s a wider loss than the 9 cents that Wall Street was expecting. It’s also worse than its adjusted per-share loss of 24 cents from the fourth quarter of 2022.
Adding to that is the company’s revenue of $15 million. Yet again, this is below the $28.94 million that analysts were predicting for the quarter. It’s also down from the $17.3 million reported in the same period of the year prior.
Bradley Nattrass, chairman and CEO of Urban-Gro, said the following in the earnings report:
“Our fourth quarter was adversely impacted by project delays to several projects that pushed into fiscal year 2024. While these delays are disappointing, these projects remain active in the first quarter, and our $110 million project backlog at the end of 2023 bodes well for growth prospects in 2024.”
Guidance Hits UGRO Stock
Unfortunately, Urban-Gro’s outlook for 2024 isn’t the best, either. The company’s guidance for the full year includes revenue of $84 million or higher. For comparison, Wall Street is expecting revenue of $111.81 million.
The same holds true for the company’s Q1 2024 revenue outlook of $15 million or higher. That would easily have it missing analysts’ estimate of $27.52 million for the period.
With this negative earnings report comes a 17.9% decrease for UGRO stock on Thursday morning.
Investors will find more of the most recent stock market stories below!
We have all of the hottest stock market news worth reading about on Thursday! A few examples include what’s happening with shares of Binah Capital (NASDAQ:BCG) and Avalo Therapeutics (NASDAQ:AVTX) stock, as well as the biggest pre-market stock movers this morning. All of that info is ready to go at the following links!
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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.
