Benson Hill rallies after Q3 beat, raised 2022 guidance

Benson Hill earlier today reported Q3 earnings per share of (16c), above the consensus estimate of (21c), on revenue of $130.18M, better than the $83.89M expectation. The company said, "Our team members delivered another quarter of impressive results, which positions Benson Hill to end 2022 with better than expected financial performance. We have also taken recent actions that, when combined with strong execution and prudent cash management, are intended to fully fund the business to profitability. Macro factors and the current economic environment are underscoring the need for seed-to-fork innovation across our food system, and position Benson Hill for further growth." Benson improved its 2022 guidance to a net loss of ($106M) to ($111M), adjusted EBITDA loss of ($75M) to ($80M), negative free cash flow of ($95M) to ($105M), and raised its gross profit guidance to $14M to $17M compared to the prior forecast of $9M to $13M0. Citing "continued strong demand" for non-proprietary ingredient soy and yellow pea products, management increased the company’s revenue guidance to $430M-$455M, above the consensus of $377.41M. Benson Hill added that it has taken actions intended to fully fund the business to expected positive EBITDA and free cash flow in 2025. The stock in midday trading is up 14% to $3.15.