Long Island Iced Tea Corp (NASDAQ:LTEA)
Shares of Long Island Iced Tea Corp (NASDAQ:LTEA) are up over 15% after the beverage company released preliminary unaudited net sales results for the three and nine-month periods ended September 30, 2017. Volume has been heavy. Shares are trading over ten times their 30-day, daily average.
Philip Thomas, Chief Executive Officer of the Company, commented, “Through the first half of 2017, we undertook a number of foundational projects to set the framework for future growth, the most notable of these being the March 2017 relaunch of our flagship Long Island Iced Tea® brand into a new 18oz slimline bottle and the April 2017 appointment of Big Geyser as our exclusive Long Island Iced Tea® distributor in the New York region. Following the successful execution of these projects, we expect to report another milestone quarter, achieving approximately 67% branded business net sales growth over the previous corresponding period, and continuing our solid growth trajectory.”
Estimated net sales for Long Island Iced Tea Corp (NASDAQ:LTEA) branded business is expected to increase approximately 67% to approximately $1,371,994 for the three months ended September 30, 2017, as compared to $822,389 for the comparable prior-year period. Estimated total net sales is expected to increase approximately 26% to approximately $1,644,000 for the three months ended September 30, 2017, as compared to $1,301,125 for the comparable prior-year period.
LTEA Stock Performance
Long Island Iced Tea Corp (NASDAQ:LTEA) stock peaked in June when shares touched $6.68 tpo establish a new 52-week high. However, since then, LTEA stock has been on a slide a was trading in a tight range around the $2.50 handle for most of October. Prior to today’s action, the beverage company’s stock had lost almost 60% over the past year and over 44% over the past six months.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.