Why Solo Brands Stock Sank on Thursday
Solo Brands (NYSE: DTC), one of the more interesting stocks in the consumer goods space, had an interesting day on the market Thursday. The company's stock rose as much as 22% higher then swooned to an almost 11% loss before closing largely flat over Thursday's close. This see-saw action occurred after the release of the company's latest set of quarterly earnings.
For its second quarter, Solo booked net sales of $136 million, which was more than 53% higher on a year-over-year basis. This also topped the average analyst estimate of under $123 million.
The company, which owns a portfolio of direct-to-consumer (DTC) outdoor and apparel brands, also notched a convincing beat on the bottom line. It netted just over $17 million ($0.40 per share) according to non-GAAP (adjusted) standards, well ahead of the collective prognosticator per-share projection of $0.28. That $17 million-plus was down considerably (37%) from the same quarter a year ago, however.
Source Fool.com
