Local Bounti (NYSE:LOCL) Announces Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Local Bounti (NYSE:LOCL) released its earnings results on Tuesday. The company reported ($3.00) earnings per share for the quarter, beating the consensus estimate of ($3.19) by $0.19, Yahoo Finance reports. The company had revenue of $9.44 million during the quarter, compared to the consensus estimate of $11.30 million. Local Bounti had a negative return on equity of 273.85% and a negative net margin of 425.89%. During the same period in the previous year, the company posted ($1.35) EPS. Local Bounti updated its FY 2024 guidance to EPS.

Local Bounti Stock Down 1.9 %

LOCL traded down $0.05 during trading hours on Thursday, hitting $2.65. 2,730 shares of the company’s stock were exchanged, compared to its average volume of 11,235. The company has a current ratio of 0.80, a quick ratio of 0.64 and a debt-to-equity ratio of 18.20. Local Bounti has a 12-month low of $1.17 and a 12-month high of $6.33. The firm has a market cap of $22.49 million, a P/E ratio of -0.18 and a beta of 2.54. The firm has a 50 day moving average of $2.82 and a 200 day moving average of $2.73.

Local Bounti Company Profile

Local Bounti Corporation grows and packs fresh greens in the United States. It produces lettuce, herbs, and loose-leaf lettuce. The company sells its products to food retailers and food service distributors. Local Bounti Corporation was founded in 2018 and is headquartered in Hamilton, Montana.