National Beverage Corp. Chief Executive Nick Caporella, who has never quite stuck to the earnings-report script, deviated from the path in a much more extreme way Thursday.
Companies announce earnings in news releases typically titled “Company reports fourth-quarter earnings,” or “Company delivers record-breaking second quarter.” National Beverage Corp., the company that makes the LaCroix brand of sparkling water, has never quite followed that path, but Chief Executive Nick Caporella deviated from the typical earnings script in a much more extreme way Thursday.
Caporella’s rant did not specify exactly what injustice caused National Beverage to sell fewer cans of flavored sparkling water than was expected. Instead, he moved on an awkward metaphor, comparing his job of managing a company that sells drinks to caring for a disabled person. LaCroix, and National Beverage stock, have come back to earth since, with a market capitalization of about $3.2 billion as of Thursday’s close — and that is bound to change Friday, as shares were down about 15% in after-hours trading Thursday. National Beverage sales fell by $6.5 million from last year to $221 million in the quarter reported Thursday, and profit fell to $24.8 million from $41.1 million. Shares have declined 31% in the past year.
“We are not a typical company,” the National Beverage spokesman said. “What comes out in the writings and the releases is the passion and intensity that we have for our consumer and for our products.”
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