Krispy Kreme Inc.’s stock dropped by more than 4% in premarket trades on Tuesday, after the doughnut maker missed profit estimates for the fourth quarter and offered guidance that lagged consensus.
Krispy Kreme
DNUT,
had net income of $1.9 million, or 2 cents a share, for the quarter, after a loss of $1 million, or 2 cents a share, in the year-earlier period.
Adjusted per-share earnings came to 9 cents, below the 13 cent FactSet consensus.
Revenue rose to $450.9 million from $404.6 million, ahead of the FactSet consensus of $439.0 million.
CEO Josh Charlesworth said revenue growth was ahead of the company’s own guidance, driven by strong consumer demand in all of its channels.
The company is now expecting revenue to grow 5% to 7% for 2024, and for adjusted EPS to range from 27 cents to 31 cents.
The FactSet consensus is for revenue growth of 6% and EPS of 38 cents.
Prior to Tuesday’s trades, the stock has gained 13% in the last 12 months, while the S&P 500
SPX,
has gained 22.8%.
