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Where Food Comes From (WFCF) 2023 Year-End Earnings Call Transcript Summary

moomoo AI ·  Feb 15 15:22  · Conference Call

The following is a summary of the Where Food Comes From (WFCF) 2023 Year-End Earnings Call Transcript:

Financial Performance:

  • Where Food Comes From reported Q4 revenue of $6.7 million, up 10% from the same quarter of the previous year.

  • Gross profit for the Q4 was $3 million, up 8% from the previous year Q4.

  • Net income in Q4 increased by 58% year-over-year to $776,000 or $0.14 per diluted share.

  • For the full year of 2023, revenue increased slightly to $25.1 million.

  • Net income for the full year increased by 8% to $2.2 million or $0.39 per diluted share.

Business Progress:

  • The company expanded its business through establishment of valuable programs and partnerships throughout 2023.

  • It capitalized on growth trends in dairy auditing and organics, with expectations of these trends continuing in 2024.

  • The company acquired the Upcycled Certified program and invested in BlueTrace, indicating focus on food traceability.

  • As part of its growth strategy, it plans to attract new customers by focusing on the increasing demand for upcycled food ingredients.

  • The company also intends to enhance growth by broadening the Where Food Comes From brand to more consumers.

More details: Where Food Comes From IR

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