Shares of German meal kit firm HelloFresh jumped Tuesday after the company reported a better-than-expected profit for the second quarter and said its ready-to-eat meals segment saw rapid growth.
HelloFresh shares climbed over 19% higher to 6.44 euros by Tuesday’s market close, having earlier risen as much as 20%.
HelloFresh shares trading on Tuesday, August 13, 2024
HelloFresh reported adjusted earnings before interest, tax, depreciation and amortization of 146.4 million euros for the three months ended 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 euro forecast of analysts surveyed by LSEG.
Revenue 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 of 2024.
HelloFresh made a more aggressive expansion …