Food compliance firm Where Food Comes From posts higher Q3 profit on asset sale

Reuters

Nov 13

Food compliance firm <a href="https://laohu8.com/S/WFCF">Where Food Comes From</a> posts higher Q3 profit on asset sale

Overview

Where Food Comes From Q3 total revenue decreased slightly to $7.0 mln from $7.1 mln
Net income for Q3 increased to $1.1 mln, aided by asset sale gain
Company repurchased 60,721 shares in Q3, continuing stock buybacks

Outlook

Company highlights growth in pork, dairy, and egg verification activities
Company plans to reinvest capital from asset sales into business
Company continues to see demand for non-GMO, Gluten Free, Organic certifications

Result Drivers

VERIFICATION GROWTH - Increased demand for pork, dairy, egg, non-GMO, Gluten Free, Organic, and Upcycled certifications offset declines in beef verification
COST MANAGEMENT - Stable gross margins attributed to improved efficiencies and cost management despite wage inflation
ASSET SALE IMPACT - $946,000 gain from Progressive Beef sale contributed to increased net income, supporting reinvestment and share buybacks

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 EPS		$0.22
Q3 Net Income		$1.10 mln
Q3 Gross Profit		$2.70 mln

Press Release: ID:nGNXrvNDd

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</p><p>(This story was created using Reuters automation and AI based on LSEG and company data. 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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}