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Dec 25, 2022
Vital Farms Q4 2022 Earnings Report
Vital Farms achieved record net revenue and significant gains in household penetration.
Key Takeaways
Vital Farms reported a strong Q4 2022 with net revenue reaching a record $110.1 million, a 42.2% increase compared to the prior year. The company also saw a substantial increase in household penetration, growing the number of households purchasing Vital Farms products by over 45% to 10.5 million. Net income for the quarter was $1.9 million, compared to a net loss of $3.6 million in the prior year quarter.
Net revenue increased by 42.2% to $110.1 million compared to Q4 2021.
Gross profit was $33.3 million, representing 30.3% of net revenue.
Income from operations was $3.4 million, compared to a loss from operations of $4.2 million in the prior year quarter.
Net income was $1.9 million, compared to a net loss of $3.6 million in the prior year quarter.
Forward Guidance
Vital Farms expects net revenue of more than $450 million and Adjusted EBITDA of more than $30 million for the full fiscal year 2023. Capital expenditures for fiscal year 2023 are expected to be in the range of $25 to $30 million.
Positive Outlook
- Net revenue of more than $450 million is expected for fiscal year 2023.
- Adjusted EBITDA of more than $30 million is expected for fiscal year 2023.
- Company is well positioned to further its progress toward its long-term top line objectives.
- Company is well positioned to meet its profitability goal of low double-digit Adjusted EBITDA Margin.
- Guidance assumes no additional significant disruptions to the supply chain or its customers or consumers.
Challenges Ahead
- Guidance is subject to risks and uncertainties.
- Adverse macroeconomic factors could impact the company's performance.
- Inability to provide a reconciliation between forecasted Adjusted EBITDA and net income without unreasonable effort.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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