Report - Q4 2022 Preliminary Results Below ExpectationsNational Bank of Canada Says good natured Products' Q4 2022 Preliminary Results Below Expectations 2023-01-31 10:59:40 AM ET (MT Newswires)
10:59 AM EST, 01/31/2023 (MT Newswires) -- National Bank of Canada said Tuesday that good natured Products Inc. (GDNP.V)'s preliminary results for the fourth quarter of 2022 missed Street forecasts.
The company expects to book revenue of $20.9 million to $22.9 million, below the consensus revenue forecast of $25.2 million and the bank's estimate of $26.2 million.
Gross margin is expected to range between 24% and 26%, also below the bank's forecast of 26.3% but slightly up year over year from 23.3%.
"While demand for food and medical packaging remains resilient, management highlighted softening industrial product sales, with customers working through high inventory levels in the face of continued fluctuation in demand levels," the bank said.
National Bank maintained good natured Products' Outperform rating and $0.75 price target.