Farmmi (NASDAQ:FAMI) stock is on the rise Thursday as investors react to the Chinese agriculture supplier’s most recent earnings report.
That earnings report includes the company’s results for the full year of 2021. This has it posting revenue of $39.29 million. That’s a 38.5% increase over the company’s revenue of $28.36 million for the full year of 2020.
The shitake mushroom grower and seller also brought in a net income of $2.36 million for 2021. That’s a massive 187.8% jump from the company’s net income of $820,000 reported during the prior year.
If there’s one place where Farmmi slipped it’s the company’s diluted earnings per share. This came in at 2 cents per share, which is a drop from the company’s diluted per-share earnings of 7 cents in the previous year.
Yefang Zhang, chairwoman and CEO of Farmmi, said the following in the earnings report sending FAMI stock higher today.
“We drove significant improvements in our financial results, while also launching a diversification initiative that will be key to our longer term success. We are benefitting from a higher order volume and expanded relationships because we have been able to secure the quality agricultural products customers want at scale, helped by our end-to-end supply chain. We expect this business momentum will continue into the New Year, which will help us further grow our sales.”
Heavy trading of shares also comes with the positive earnings report today. That has some 72 million units of FAMI stock on the move as of this writing. For comparison, the company’s daily average trading volume is about 40.3 million shares.
FAMI stock is up 15% as of Thursday morning.
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