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Jun 25, 2023
Vital Farms Q2 2023 Earnings Report
Reported a strong second quarter with increased revenue and net income.
Key Takeaways
Vital Farms reported a strong second quarter in 2023, with a 28.4% increase in net revenue to $106.4 million and a net income of $6.7 million. The company's performance was driven by higher prices and volume gains, leading to an increase in gross profit and operating income. Management raised the full year net revenue and Adjusted EBITDA forecast.
Net revenue increased by 28.4% to $106.4 million compared to the prior year.
Net income was $6.7 million, a significant increase from $0.2 million in the prior year.
Gross profit reached $37.8 million, representing 35.5% of net revenue.
Adjusted EBITDA was $11.3 million, or 10.7% of net revenue, compared to $3.7 million in the prior year.
Forward Guidance
For fiscal year 2023, Vital Farms expects net revenue of more than $465 million and Adjusted EBITDA of more than $35 million. Capital expenditures are projected to be in the range of $16 to $21 million.
Positive Outlook
- Net revenue is expected to be more than $465 million.
- Adjusted EBITDA is projected to be more than $35 million.
- The company anticipates higher net revenue growth rates.
- The company anticipates higher gross margin.
- Capital expenditures are expected to be between $16 million and $21 million.
Challenges Ahead
- Guidance assumes no additional significant disruptions to the supply chain.
- Guidance assumes no additional significant disruptions to customers.
- Guidance assumes no additional significant disruptions to consumers.
- Guidance assumes no issues from adverse macroeconomic factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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