BRC Inc Releases Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
BRC Inc. Releases Q2 2024 Financial Results
BRC Inc. has reported its financial results for the second quarter ending June 30, 2024. Below is a detailed overview of their performance.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change (%) | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $89.0M | $91.9M | -3% | $100.91M |
| Earnings Per Share (EPS) | $0.01 | $-0.08 | N/A | $-0.02 |
Interpretation: BRC Inc. reported a 3% year-over-year decrease in revenue to $89.0 million, missing the Wall Street consensus estimate of $100.91 million. However, the company showed a marked improvement in profitability, moving from an EPS of -$0.08 in Q2 2023 to a positive $0.01 in Q2 2024, beating the consensus EPS estimate of -$0.02.
Revenue Performance Across Segments
| Revenue Segment | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Wholesale | $53.8M | $50.0M | +8% |
| Direct-to-Consumer (DTC) | $30.0M | $34.6M | -13% |
| Outpost | $5.3M | $7.4M | -28% |
Interpretation: - Wholesale : Revenue increased by 8% driven by growth in distribution of packaged coffee in the FDM market. - DTC : Revenue decreased by 13% primarily due to declines in the overall DTC market and a strategic shift in advertising spend. - Outpost : Revenue decreased by 28% due to lower transaction volumes attributed to diminished retail traffic.
Stock Price Movement
After the earnings release, the company's stock price increased by approximately 1.69%.
This earnings summary reflects the financial shifts experienced by BRC Inc. during the second quarter of 2024, highlighting both improvements in profitability and challenges in revenue growth among its key segments.