Karat Packaging Inc (KRT) said after close Thursday that it earned $0.47 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $105.5 million, missing estimates by $832 thousand.
In the same quarter a year ago, the company earned $0.33 per share on revenue of $110 million.
The stock is down 17.79% to $18.05 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Karat Packaging Inc a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 68. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.
Karat Packaging Inc is engaged in the manufacturing and distribution of disposable products used in restaurants and food service settings. It offers products for the foodservice industry, including food packaging, containers, tableware, cups, lids, cutlery, and straws. These products are available in plastic, paper, biopolymer-based and other compostable forms.
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Karat Packaging Inc Down 17.79% To $18.05 After Earnings Beat
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