Benson Hill, Inc. (BHIL) Misses Q2 EPS by 13c
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Benson Hill Announces Second Quarter 2023 Financial Results
August 9, 2023 7:00 AM EDTReported revenues increased 16 percent year-over-year to approximately $109 million, including a 53 percent increase in proprietary revenues. Reported gross profit was $3 million ($6.1 million when excluding an approximate $3.1 million impact from open mark-to-market timing differences). Management announced an additional expected $10 million in annualized operating cost reductions in 2024. The Company ended the second quarter with $118 million of cash restricted cash, and marketable securities. Management modifies its 2023 guidance for lower operating expenses, lower capital expenditures, and narrowing the range for consolidated gross profit.
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