Purple Innovation (PRPL) Misses Q2 EPS by 3c, Revenues Beat; Offers FY18 Revenue Outlook Below Consensus

Purple Innovation (NASDAQ: PRPL) reported Q2 EPS of ($0.09), $0.03 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $75.4 million versus the consensus estimate of $72.1 million.

• Net revenue increased 58.1% to $75.4 million, compared to $47.7 million.
• Gross margin was 43.8% compared to 44.4%.
• Operating loss was $(3.5) million compared to operating income of $3.6 million. Adjusted operating loss was $(2.9) million compared to adjusted operating income of $4.0 million.
• Net loss was $(4.3) million compared to a net income of $3.6 million.
• EBITDA was $(2.9) million compared to $3.8 million. Adjusted EBITDA was $(2.3) million compared to $4.1 million.

"The product, marketing, and channel strategies we are executing continue to fuel strong revenue gains and increased market share," commented Terry Pearce, Co-Founder, Chairman and CEO. "During the first half of 2018 the Company made continued progress in building a strong foundation to support future growth. This included enhancing our manufacturing, supply chain, and logistics capabilities. Despite some challenges typical of a new high-growth company, I am confident that the business is well positioned to succeed in the current competitive environment and generate profitable growth and increased shareholder value over the long-term."

GUIDANCE:

Purple Innovation sees FY2018 revenue of $290-310 million, versus the consensus of $314.7 million.

For earnings history and earnings-related data on Purple Innovation (PRPL) click here.

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