Sunopta Inc Up 19.04% To $4.69 After Earnings Beat

Sunopta Inc (STKL) beat out earnings estimates for Q3 2023 this afternoon.

The consensus among analysts for Sunopta Inc was for an earnings per share (EPS) loss of $0.01 per share. The firm was able to surpass those projections, reporting an EPS loss of $0.00 per share, a positive surprise of $0.01. Profits fell 0% year-over-year after reporting an EPS of $0.02 in its year-ago quarter. The negative growth rate signals that the Consumer Defensive company .

Revenues were downbeat at $152.5 million. That represents a 33.58% decrease in revenues from the year-ago report and is 30.57% lower than consensus estimates set at $219.7 million.

The stock is up 19.04% to $4.69 after the report.

Sunopta Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 33. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

SunOpta Inc is a Canadian company that focuses on a healthy product portfolio. The company's operating segment includes Plant-Based Foods and Beverages and Fruit-Based Foods and Beverages. It generates maximum revenue from the Plant-Based Foods and Beverages segment. Plant-Based Foods and Beverages include plant-based beverages and liquid and dry ingredients (utilizing almond, soy) as well as broths, teas, and nutritional beverages. Fruit-Based Foods and Beverages include individually quick frozen(IQF) fruit for retail(including strawberries, mango), IQF and bulk frozen fruit for foodservice (including purees, fruit cups, and smoothies), and custom fruit preparations for industrial use. Geographically, it derives a majority of revenue from the United States.