Purple Innovation Inc (PRPL) released its first quarter results on Monday, May 17, 2021. The company reported net earnings of $0.17 per share for the first quarter ending March 31, 2021. Earnings for this past quarter declined 51 percent compared to the same period a year ago.
Purple Innovation, Inc. was founded in 2010 and is headquartered in Lehi, Utah. Purple Innovation, Inc. designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, bed frames, seat cushions, and weighted blankets and duvets.
Purple Innovation's revenue increased 53 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 48.29% for the first quarter compared to the same period in the previous year, and operating margins increased to 9.16% over the same period. Net earnings for past trailing twelve months were $-224.88 million, down 4654% from the prior year.
Moving on to the balance sheet, Purple Innovation's cash levels jumped 294% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 31.55% this past year. The current ratio for Purple Innovation now stands at 1.9. The company increased shares outstanding by 180.68%.
Shares of PRPL are currently trading around $32.02. In terms of valuation, the stock is trading at a price to book ratio of 13.96.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Tuesday, May 18, 2021.