RTTNews | May 13, 2021 10:09AM EDT

10:07 Thursday, May 13, 2021 (RTTNews.com) - Shares of GrowGeneration Corp. (GRWG) are rising over 5% Thursday morning, after the company raised its fiscal 2021 guidance, while reporting better-than-expected results for the first quarter.

The stock, which has been trading in the range of $4.53 - $67.75 for the past one year, is currently trading at $38.47, up $1.91 or 5.21%, with trading volume of over 889K versus an average volume of 2.09 million.

FY21 Outlook

The company now expects 2021 revenues to be between $450 million and $470 million, more than double the company's sales in 2020. Seven Wall Street analysts have a consensus revenue estimate of $425.57 million for the year 2021.

Further, at these projected sales, adjusted EBITDA guidance for 2021 is now $54 million - $58 million.

Previously, the company expected full-year 2021 revenue in the range of $415 million - $430 million, and adjusted EBITDA of $48.0 million - $51.0 million.

Q1 Results

The company reported Q1 net income of $6.15 million or $0.10 per share compared to a loss of $2.09 million or $0.06 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.07 per share for the quarter. Analysts' estimate typically exclude certain special items.

Adjusted EBITDA was $11.1 million or $0.18 per share versus $2.39 million or $0.06 per share in the prior year period.

Sales for the quarter amounted to $90.0 million, a jump of 173% from the previous year's sales of $32.9 million.

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