Local Bounti (NYSE:LOCL) Issues Earnings Results, Beats Expectations By $0.19 EPS

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

Local Bounti Stock Performance

Shares of LOCL traded down $0.35 on Wednesday, reaching $2.58. 10,846 shares of the stock traded hands, compared to its average volume of 11,282. The firm has a market cap of $21.90 million, a price-to-earnings ratio of -0.18 and a beta of 2.54. Local Bounti has a 12 month low of $1.17 and a 12 month high of $6.33. The stock’s 50-day moving average price is $2.82 and its 200-day moving average price is $2.73. The company has a debt-to-equity ratio of 18.20, a current ratio of 0.80 and a quick ratio of 0.64.

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.