Earnings ·
The Honest Company reports Q3 revenue of $84.6M and announces new $30 million share repurchase authorization
HNSTHonest Company, Inc.
The Honest Company reported third-quarter revenue of $84.6 million, a decrease of 8.6% year-over-year, while organic revenue increased 9.2%. The company posted net income of $91.3 million, driven by an $89.4 million discrete tax benefit from the release of a valuation allowance against deferred tax assets; underlying adjusted net income was $3.1 million. Gross margin expanded to 45.0%, and the company raised its full-year revenue outlook to $322–$325 million. Concurrently, the Board approved a new share repurchase program for up to $30 million of common stock, following the completion of a prior $25 million authorization. The Honest Company operates in the personal care industry, creating cleanly-formulated and sustainably-designed products.