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Mar 31, 2024
Vital Farms Q1 2024 Earnings Report
Reported record first quarter net revenue with increased gross margin and net income, and raised fiscal year 2024 outlook.
Key Takeaways
Vital Farms reported a strong start to 2024 with record net revenue of $147.9 million, a 24.1% increase compared to the prior year. Gross margin expanded to 39.8%, and net income reached $19.0 million. The company raised its fiscal year 2024 outlook, expecting net revenue of at least $575 million and adjusted EBITDA of at least $70 million.
Net revenue increased by 24.1% to a record $147.9 million.
Gross margin expanded by 400 basis points to 39.8%.
Net income increased to $19.0 million, or $0.43 per diluted share.
Fiscal year 2024 outlook raised with net revenue expected to be at least $575 million and adjusted EBITDA of at least $70 million.
Vital Farms
Vital Farms
Forward Guidance
Vital Farms raised its fiscal year 2024 outlook, reflecting increased confidence in performance, a more favorable commodity outlook, and successful execution of the marketing reinvestment strategy.
Positive Outlook
- Net revenue of at least $575 million, representing at least 22% growth over fiscal year 2023.
- Adjusted EBITDA of at least $70 million, representing at least 45% growth over fiscal year 2023.
- Capital expenditures in the range of $35 million to $45 million.
- Increased brand awareness.
- Deepened loyalty with consumers.
Challenges Ahead
- Assumes no additional significant disruptions to the supply chain.
- Assumes no additional significant disruptions to customers.
- Assumes no additional significant disruptions to consumers.
- Potential issues from adverse macroeconomic factors.
- Unavailability of reliable estimates for income taxes.