GrowGeneration Corp GRWG is trading significantly lower Thursday after the company announced worse-than-expected second-quarter earnings results.
GrowGeneration reported quarterly earnings of 11 cents per share, which came in below the estimate of 12 cents per share. The company reported quarterly revenue of $125.9 million, which beat the estimate of $111.69 million and represented a 190% increase year over year.
GrowGeneration raised its 2021 revenue guidance to a range of $455 million to $475 million.
"The strategies implemented several quarters ago are now positively impacting margins. We increased our inventory positions across all key product categories to get ahead of price increases, as well as expanded more private label purchases," said Darren Lampert, co-founder and CEO of GrowGeneration.
Price Action: GrowGeneration has traded as high as $67.75 and as low as $8.55 over a 52-week period.
At last check Thursday, the stock was down 18% at $35.30.
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