Honest Co. Inc.’s first quarterly results as a state-owned company were mixed, with a larger-than-expected loss offset by sales that rose more than Wall Street expected, in part due to hand sanitizers , cleaners and other disinfectants it introduced amid the pandemic.
Wednesday night, he said he lost $ 4.5 million, or 13 cents a share, in the first quarter, against a profit of $ 559,000, or a dime, in the quarter a year earlier.
Sales rose 12% to $ 81 million from $ 72.3 million, which the company pinned on “strong volume growth” for the company’s skin and personal care products and for sanitation and disinfection products introduced to its household and wellness line in the second half of 2020. Revenue from that line alone grew 53%, Honest said.
Analysts polled by FactSet expected the consumer products company to report a GAAP loss of 6 cents per share on sales of $ 79.3 million.
“As we look to the future, we will continue to use consumer knowledge to focus on current and future trends in self-care, clean beauty and skin care, as well as our core product categories: diapers and wipes, household and well-being. “Founder and Creative Director Jessica Alba said in a statement.
Honest filed for her IPO in April, and started trading at $ 21.22 in early May, more than 30% above its IPO price.
Honest promotes itself as a manufacturer of “natural” consumer products, from baby diapers to personal and household care products, which do not contain chemicals that the company believes are harsh or potentially harmful to health and life. environment.
The title was down 7% before market on Thursday.