Dallas, Texas 11/07/2013 (Financialstrend) – The $118 million market capped home furnishings and fixtures provider EveryWare Global, Inc. (NASDAQ:EVRY) stock posted close to 10% loss in its market value in a single day’s trading after the company announced its third quarter results on October 31. The downward trend persisted in spite of the strong uptake the firm indicated in its U.S. based sales as also establishment of new factory on U.S mainland to further increase its “Made in U.S.A” product line.
The call out performance was the close to 6.7% increase in the firms Revenue in comparison to 3Q12. This increase was greatly influenced by the staggering close to 80% increase in revenue from its international sales division. Earnings per share were up 33% in comparison to 3Q12. In spite of the healthy growth in revenue to $110 million in 3Q, the firm still posted net loss of $1.1 million.
Analysts have opined that the sell off the stock experienced was primarily due to the weakened outlook the firm provided for its 4Q operations citing less than favourable macroeconomic environment.
The firm hopes to re-gig its cap ex outlay to spread its foot print in newer more lucrative markets as against previously envisioned furnace rebuild project. Company CEO John Sheppard has been quoted to have commented that, “During the third quarter we continued delivering top line revenue growth in the face of a challenging business environment. We were able to do this by securing new key customer wins in underserved channels within our consumer segment, building our international and specialty segments, and continuing to identify significant cross-selling opportunities in our foodservice segment. I’m also very excited about the strong growth in our international segment given the significant potential we have for leveraging our brand values globally.”
The stock was trading at $8 per share as of close of business on November 6.
