Solazyme Inc (NASDAQ:SZYM) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Solazyme Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.28 in the quarter versus EPS of $-0.32 in the year-earlier quarter.
Revenue: Decreased 17.34% to $11.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Solazyme Inc reported adjusted EPS loss of $0.28 per share. By that measure, the company beat the mean analyst estimate of $-0.37. It beat the average revenue estimate of $10.66 million.
Quoting Management: “We are making great progress as we approach commencement of manufacturing at our commercial production facilities later this year,” said Jonathan Wolfson, CEO of Solazyme. “Capacity build-out at our Brazilian JV facility remains on target, and we are actually accelerating plans at the Clinton, Iowa facility, which should allow us to begin producing product for market and application development during the second half of this year. Peoria is also being retrofitted to produce algal flour and protein products with availability of commercial development quantities also expected in the second half of this year. Tailored oil technology breakthroughs are continuing to open additional attractive end market opportunities, as evidenced by the announcement of the new high erucic tailored oil under development with Mitsui and the related commercial supply terms with Sasol.”
Key Stats (on next page)…