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Why NewAge Stock Tanked Today

TheMotleyFool

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Shares of NewAge (NASDAQ: NBEV) have tanked today, down by 10% as of 12 p.m. EST, after the company announced preliminary fourth-quarter earnings. NewAge also said that it's conducting a private placement to raise fresh capital.

Revenue in the fourth quarter is expected to be approximately $90 million, which is well above the consensus estimate of $79.3 million. The consumer discretionary company, which makes a variety of beverages, expects gross margin to be in the range of 64% to 68%, with earnings before interest, taxes, depreciation, and amortization (EBITDA) of roughly breakeven. NewAge closed its merger with ARIIX during the quarter and has started to integrate the two companies.

Image source: Getty Images.

Source Fool.com

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