Solazyme Inc Earnings: Here’s Why Investors are Happy Now
Solazyme Inc (NASDAQ:SZYM) had a loss and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 2.16%.
Solazyme Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.43 in the quarter versus EPS of $-0.28 in the year-earlier quarter.
Revenue: Decreased 50.59% to $6.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Solazyme Inc reported adjusted EPS loss of $0.43 per share. By that measure, the company missed the mean analyst estimate of $-0.43. It missed the average revenue estimate of $8.52 million.
Quoting Management: “We are off to an excellent start in 2013 executing on our three primary focus areas: completing capacity projects on schedule; developing our portfolio of tailored oils; and bringing our tailored oils to market,” said Jonathan Wolfson, CEO of Solazyme. “In addition to the newly announced agreement with AkzoNobel, the first quarter included several important milestones such as our Mitsui partnership, our technology breakthrough that allows us to develop new structuring oils, and key financing achievements that support a clear path to commercialization. We remain on target to be in commercial production in multiple facilities by early 2014 and are excited about the opportunities ahead.”
Key Stats (on next page)…