Shares of Zevia PBC fell in post-market trading on Monday after the company said it was lowering its full year 2023 guidance.
At 5:22 p.m. ET, the beverage company’s stock had fallen 14% to $3.65 per share. The shares ended the day’s regular session with a 0.9% gain to close at $4.23.
After the bell, Zevia said it was expecting 2023 net sales in a range of $163 million to $168 million, below prior guidance of $180 million to $190 million. The company also said it was expecting second-quarter net sales of about $42 million. Previously, Zevia said it was expecting sales of $48 million to $51 million for the second quarter.
Amy Taylor, the company’s president and chief executive officer, said “second quarter net sales were below estimates due to unexpected supply chain interruptions that negatively impacted service levels.” Taylor also said customer demand was at or above expectations, but customer fulfillment rates fell in the second half of the quarter.
Zevia is expected to release second-quarter results before the market opens on Aug. 8.