Shares of German meal kit firm HelloFresh jumped on Tuesday after the company reported a better-than-expected profit in the second quarter and said its ready-to-eat meals segment saw rapid growth.
HelloFresh shares climbed as much as 20% during morning trade, but had pared gains to rise 11% to 5.90 euros ($6.44) as of 6:19 a.m. ET.
HelloFresh shares trading on Tuesday, August 13, 2024
HelloFresh reported adjusted earnings before interest, tax, depreciation and amortization of 146.4 million euros in the three months ending on June 30, according to its earnings release Tuesday. The figure was down 23.7% from the same period last year, but exceeded the 123 million euros forecast of analysts surveyed by LSEG.
Revenues at the firm increased by 1.7% in the quarter, to 1.95 billion euros, HelloFresh said.
The company noted its results got a boost from healthy performance in its ready-to-eat meal delivery business, which saw 50.2% year-on-year growth in the first half …