Company notes ongoing economic and industry headwinds impacting beef business.
Company says consumer demand for premium verified beef and non-beef programs is growing.
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.08
Result drivers
Non-beef program growth - Co said non-beef verification programs, such as non-GMO, Gluten Free, Organic and Upcycled, continued to grow and supplement beef revenue streams.
Cost efficiencies - Co said gross profit rose 9% in Q2 due to cost efficiencies across all three business segments, resulting in higher gross margins.
Quarterly results
US food verification firm's Q2 revenue rose 1% yr/yr, driven by higher certification services.
Q2 diluted EPS fell to $0.08 from $0.11, impacted by digital asset fair value loss.
Company returned $809,000 to shareholders via buybacks in Q2.
WFCF•
