Here's Why SunOpta Stock Fell on Thursday
Shares of global food company SunOpta (NASDAQ: STKL) were going down on Thursday after it reported results for the third quarter of 2020. The company's revenue and profit were slightly ahead of expectations, and management was upbeat about its performance thus far in 2020. That said, the stock was trading near two-year highs, likely leading some investors to take some gains off the table. As of 12:45 p.m. EDT today, SunOpta stock was down 9%.
In the third quarter, revenue grew 6% year over year to $315 million. The biggest gain came from its global ingredients segment, with 8.8% growth. But its higher-margin plant-based foods and beverages segment also contributed to the gains with 7.8% growth. And sales growth with higher-margin products are partly why the company grew profits ahead of expectations. Management noted that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled to $22.8 million.
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Source Fool.com
