Shares of Krispy Kreme Inc. (NASDAQ: DNUT) are falling on Wednesday morning following a worse-than-expected earnings report.
Why Is It Moving?
Before the market opened today (August 17), the donut giant reported its second-quarter earnings report.
The company failed to meet the consensus analyst estimate for both its quarterly revenue and earnings per share (EPS). Revenue was reported at $375.245 million failing to reach the estimated $385.320 million. EPS was reported at $0.080 failing to meet the estimated $0.090.
In addition, Krispy Kreme cut its full-year 2022 financial outlook. The company previously set its FY outlook during the quarter-one earnings report and cut those numbers during today’s reporting. The company’s revenue outlook was originally set at $1.530 billion – $1.560 billion and was slashed to $1.49 billion to $1.52 billion during today’s reporting. Its adjusted EBITDA was originally set to $210 million – $218 million and was cut to $189 million to $195 million.
DNUT Price Target (NYSE:TGT): Shares are falling 10.5% to $13.00 during Wednesday's premarket trading session, according to Benzinga Pro.
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