By Christiana Sciaudone
Investing.com -- FIZZ sold the most bubbles ever, but that did nothing to uplift investor spirits.
The maker of La Croix bubbly water reported sales of $293 million, its best quarter ever, but missed the estimate of $296 million. Earnings per share of $1.10 compare to the expected 91 cents.
The stock is trading down about 5%.
Net sales were the highest for a quarter in the company’s history, an 11.3% increase from 2019, while gross profit of $117 million represented a 21% increase from the prior year.
Shares are up 50% this year. Most analysts aren't too excited about National Beverage (NASDAQ:FIZZ) Corp., with three rating the stock a sell, one saying hold and nary a buy in sight.
There's plenty of competition out there for La Croix. In 2018, Pepsi launched Bubly, which is already the fourth biggest fizzy water seller in the U.S. this year, right behind La Croix, according to Statista. Talking Rain Beverage Company's Sparkling Ice comes in second place, with private label bubblies in first.