Why National Beverage Stock Fell by 10% This Week
Few investors were enjoying the taste of National Beverage (NASDAQ: FIZZ) stock this week. Following the company's quarterly double miss, one analyst reiterated his sell rating on the shares, and investors took this to heart by trading them down by just over 10%, according to data compiled by S&P Global Market Intelligence.
Perhaps best known for the trendy La Croix brand of flavored waters, National Beverage's fizz started to dissipate late last week following the release of those quarterly figures.
Although the company's fiscal first quarter of 2023 net sales grew on a year-over-year basis, they did so only marginally -- by 2% to $318 million. They also fell well short of the average analyst estimate of just under $332 million. Worse, net income suffered a 34% decline to land just shy of $35.5 million, or $0.38 per share. Again, that didn't come close to the average prognosticator forecast, which was $0.52.
Source Fool.com
