the Jessica Alba-backed company that makes clean baby, beauty, personal care and household products, posted a wider-than-expected loss for the second quarter on Friday, although revenue came in above estimates. The Los Angeles, Calif.-based company had a loss of $10.012 million, or 11 cents a share, for the quarter, after a loss of $20.034 million, or 17 cents a share, in the year-earlier period. Revenue rose to $78.493 million from $74.576 million a year ago. The FactSet consensus was for a loss of 9 cents a share and revenue of $75.7 million. Revenue growth was driven by sales of diapers and wipes, which rose 9%. “We are maintaining our revenue growth outlook in the second half of the year,” CEO Nick Vlahos said in a statement. “Given cost pressures that continue to impact the industry and Honest, we have put plans in place to mitigate the impact of inflation, including pricing, margin-accretive innovation, and cost savings, which we’re confident will drive long-term gross margin improvement.” The company is expecting full-year revenue to be flat compared with 2021. The FactSet consensus is for full-year revenue of $317.3 million, compared with $318.6 in 2021. Shares were down 1% premarket, but are down 52.5% in the year to date, while the S&P 500
has fallen 12%.
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