By Sabela Ojea
Shares of Honest rose after the consumer goods company swung to a profit and raised its outlook for the year citing continued positive momentum.
The stock was up 12% to $5.39 in post-market trading on Tuesday. Through the close shares are up 45% this year and have more than tripled in the past three months.
Honest posted a net profit of $165,000, or 0 cents a share, compared with a loss of $8.1 million, or 9 cents a share, for the same period a year earlier.
Revenue rose 15% to $99.2 million, coming ahead of analysts expectations of $92.9 million, according to FactSet.
"We are confident that our long-term growth strategy will continue to allow us to scale across our categories, meeting the growing consumer demand for cleanly-formulated and sustainably-designed products across our portfolio," Chief Executive Carla Vernon said.
For 2024, the company now expects revenue to grow in the high single-digit percentage range, up from prior guidance for growth in the mid-to-high single-digit percentage range.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 12, 2024 18:07 ET (23:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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