The place Meals Comes From, Inc. (NASDAQ:WFCF) First Quarter 2024 Earnings Name Transcript Could four, 2024
The place Meals Comes From, Inc. is just not among the many 30 hottest shares amongst hedge funds on the finish of the third quarter (see particulars right here).
Operator: Greetings and welcome to the The place Meals Comes From Q1 earnings name. Right now, all contributors are in listen-only mode. A quick query and reply session will observe the formal presentation. [Operator Instructions] As a reminder, this convention is being filmed. It’s now my pleasure to introduce your host, Jay Pfeiffer, Investor Relations. Thanks, Jay. You can begin.
Jay Pfeiffer: Good morning and welcome to the The place Meals Comes From 2024 first quarter earnings name. I'm joined on the decision right this moment by CEO John Saunders, President Leann Saunders, and CFO Danette Henning. Throughout this name, we’ll make forward-looking statements based mostly on present expectations, estimates and projections which can be topic to dangers. Statements relating to present and future monetary efficiency, progress technique, prospects, enterprise alternatives, market acceptance of our services and products and potential acquisitions are forward-looking statements. Listeners shouldn’t place undue reliance on these statements, as there are lots of components that would trigger precise outcomes to vary materially from our forward-looking statements.
We encourage you to evaluate our publicly filed paperwork, in addition to our press releases and web site for extra info. At present we will even focus on Adjusted EBITDA, a non-GAAP monetary measure offered to enhance GAAP outcomes. Please see right this moment's earnings launch for essential info on non-GAAP measures. I’ll now flip the decision over to John Saunders.
A purchasing cart stuffed with common meals and drinks.
John Saunders: Good morning and thanks for becoming a member of right this moment's name. This morning, we launched our first quarter monetary outcomes and are happy to report that the renewed momentum we generated within the fourth quarter has prolonged into 2024. As soon as once more, our core income from verification companies greater than offset the ensuing decrease product gross sales of persistent headwinds. in our beef enterprise as a consequence of cyclical livestock traits, lingering results of drought and smaller herd sizes. As we’ve got mentioned earlier than, these headwinds are prone to persist to some extent all through 2024, however we’re hopeful to see enhancements beginning early subsequent yr. Robust progress and verification companies, together with cautious administration of our price construction, additionally led to improved profitability year-over-year.
Our means to proceed to generate worthwhile progress regardless of ongoing challenges in our beef enterprise displays the energy and benefits of our distinctive enterprise mannequin. We’re by far essentially the most diversified supplier of meals declare certifications in the USA. We offer hundreds of producers and prospects with best-in-class options to distinguish and add worth to their merchandise. These purchasers vary from small household farms and ranches to massive multinational CPGs. In flip, they reply to rising client demand for merchandise which can be licensed to a spread of requirements starting from non-GMO, natural and gluten-free to a rising variety of sustainability-related certifications. Digging deeper into our numbers for the quarter, income from verification and certification companies grew 17% to four.four million from three.eight million.
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