price down icon1.43%   -0.15
after-market  After Hours:  10.31 

Why is Westrock Coffee Company (WEST) Stock down?

We've noticed a 5.36% decline in Westrock Coffee Company (WEST) stock during the 2024-03-14 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
10 Nov, 2023:

Shares of Westrock Coffee Company (WEST) dropped by 11.59% from $8.415 to $7.44 in the trading on Friday, Novemeber 10, 2023. The reason why WEST down is due to lower-than-expected Q3 results and lower FY2023 guidance

  • Q3 results: Westrock Coffee reported Q3 2023 consolidated net sales of $219.6 million, down by 4.6% from the same period in 2022. The consolidated gross profit for Q3 2023 was $35.1 million, impacted by charges and losses, compared to $41.1 million in Q3 2022. Despite these challenges, the company achieved a net income of $16.6 million in Q3 2023, a significant improvement from a net loss of $13.0 million in Q3 2022. This net income included various expenses and gains, including acquisition, restructuring, integration expenses, and non-cash gains from the change in fair value of warrant liabilities. Adjusted EBITDA for Q3 2023 was $11.6 million, down $6.3 million from Q3 2022. The Beverage Solutions segment contributed $176.8 million in net sales and $9.9 million in Adjusted EBITDA for Q3 2023, while the SS&T segment had $42.8 million in net sales and $1.7 million in Adjusted EBITDA, both lower than Q3 2022.
  • 2023 Outlook: Westrock Coffee revised its outlook for 2023, expecting Adjusted EBITDA to fall below its previously issued guidance range, which indicated flat to a 10% increase over 2022. Further details on the outlook were to be provided during the third-quarter conference call.
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