BRC Inc rises on upbeat 2022 revenue forecast

BRC

16/03/2022 16:14

** Shares of coffee company  BRCC.N  rise as much as 2.4% to
$16.50 after co forecasts 2022 revenue above estimates 
    ** Stock, last up 1.2%, is on course to snap four-day losing
streak
    ** Co expects 2022 net revenue of $315 mln, compared to
analysts' expectations of $310.9 mln, per Refinitiv IBES data
 urn:newsml:reuters.com:*:nFWN2VJ0GW
    ** BRCC also beat Q4 revenue estimates helped by strong
demand for its roasted coffee  
    ** However, Q4 gross margins decreased 570 basis points to
34.3%, mainly due to inflationary pressures on product and
shipping costs  urn:newsml:reuters.com:*:nBw7S91vZa
    ** Co also reports Q4 net loss of $4.6 mln compared to net
income of $1 mln a year ago 
    ** Stock is up ~36% from IPO price of $12.01 in February,
when BRCC went public through a SPAC merger 

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))