GrowGeneration Corp. (NASDAQ: GRWG) reported report first-quarter 2021 revenues rose 173% to $90 million, versus $33 million in the identical interval final yr. This beat the analyst estimate for revenues of $87 million. GrowGen stated same-store gross sales at 22 places open for a similar interval in 2020 and 2021 had been $43.0 million in first-quarter 2021 versus $28.5 million for first quarter 2020, a 51% enhance yr over yr. Web earnings was $6.1 million, or $0.10 per share based mostly on a totally diluted weighted common share depend of 60.3 million. This beat the Yahoo Finance analyst estimate for $0.07.
“The GrowGen crew delivered an exceptionally sturdy begin to the yr, with same-store gross sales up 51%, demonstrating the laborious work of your complete crew. For the yr up to now, we closed 9 acquisitions, including 15 hydroponic retail places, bringing our complete retailer depend to 53. The methods applied a number of quarters in the past, are actually positively impacting margins. I’m proud and inspired with our 110-basis level enhance in gross revenue margin and 510-basis level enhance in adjusted EBITDA margin. These will increase had been completed regardless of port delays and provide chain interruptions. As well as, we acquired Char Coir, a line of premium coco-based merchandise, and Agron.io, a well-liked B2B e-commerce web site. Each corporations are actually absolutely built-in and contributing to each our prime and bottom-line numbers.” Darren Lampert, GrowGeneration’s co-founder and CEO said. “Primarily based upon our sturdy efficiency, we are actually elevating the monetary outlook for the yr and anticipate 2021 revenues to be between $450 million and $470 million, greater than double the Firm’s gross sales in 2020. Additional, at these projected gross sales, adjusted EBITDA steering for 2021 is now $54 million to $58 million .”
The gross revenue margin for first quarter 2021 was 28.2% in comparison with 27.1% in the identical quarter final yr, a rise of 110 foundation factors. Revenue earlier than tax was $7.7 million for the primary quarter 2021 versus a lack of $2.1 million for a similar interval final yr. Adjusted EBITDA was $11.1 million for the primary quarter of 2021 versus $2.4 million for a similar interval final yr. Personal-label gross sales, inclusive of Energy Si and Char Coir, had been 6.2% of income in comparison with lower than 1% for a similar interval final yr. E-Commerce income was $4.4 million in comparison with $1.9 million for a similar interval in 2020, a rise of 126%. Money and short-term securities on March 31, 2021, had been $133.1 million, in contrast $177.9 million at year-end December 31, 2020.
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