Local Bounti Corp reports results for the quarter ended June 30 - Earnings Summary

• Local Bounti Corp LOCL.N reported a quarterly adjusted loss of $1.63​​ per share for the quarter ended June 30, higher than the same quarter last year, when the company reported EPS of $-3.00. The mean expectation of two analysts for the quarter was for a loss of $1.29 per share. Wall Street expected results to range from $-1.95 to -64 cents per share.

• Revenue rose 28.2% to $12.10 million from a year ago; analysts expected $12.40 million.

• Local Bounti Corp's reported EPS for the quarter was a loss of $1.63​.

• The company reported a quarterly loss of $21.58 million.

• Local Bounti Corp shares had risen by 7.3% this quarter and gained 21.3% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts was unchanged in the last three months.​

• In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.

RECOMMENDATIONS

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy," no "hold" and no "sell" or "strong sell." The average consensus recommendation for the fishing & farming peer group is "buy."

• Wall Street's median 12-month price target for Local Bounti Corp is $7.50, about 66.5% above its last closing price of $2.51

This summary was machine generated from LSEG data August 13 at 01:31 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)