Where Food Comes From's Q2 revenue rises

Overview

• US food verification firm's Q2 revenue rose 1% yr/yr, driven by higher certification services

• Q2 diluted EPS fell to $0.08 from $0.11, impacted by digital asset fair value loss

• Company returned $809,000 to shareholders via buybacks in Q2

Outlook

• Company notes ongoing economic and industry headwinds impacting beef business

• Company says consumer demand for premium verified beef and non-beef programs is growing

Result Drivers

• NON-BEEF PROGRAM GROWTH - Co said non-beef verification programs, such as non-GMO, Gluten Free, Organic and Upcycled, continued to grow and supplement beef revenue streams

• COST EFFICIENCIES - Co said gross profit rose 9% in Q2 due to cost efficiencies across all three business segments, resulting in higher gross margins

Company press release: ID:nGNX295sYH

Key Details

Reuters Recommended Reads

• Aug 3 - Tyson Foods cuts profit forecast as tight US cattle supplies hurt beef business

• Aug 5 - US beef/pork packer margins - Hedgersedge

• Aug 6 - Vital Farms Q2 revenue beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)