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Dec 31, 2023
Vital Farms Q4 2023 Earnings Report
Vital Farms reported record net revenue and improved profitability.
Key Takeaways
Vital Farms reported a strong fourth quarter and fiscal year 2023, with record net revenue of $135.8 million for the quarter, up 23.4% year-over-year, and net income of $7.2 million, compared to $1.9 million in the prior year quarter. The company's full-year net revenue increased by 30.3% to $471.9 million, and net income reached $25.6 million, compared to $1.2 million in the previous year.
Net revenue increased by 23.4% to $135.8 million in Q4 2023 compared to Q4 2022.
Net income was $7.2 million in Q4 2023, compared to $1.9 million in the prior year quarter.
Adjusted EBITDA was $13.9 million, or 10.2% of net revenue, in Q4 2023, compared to $6.9 million, or 6.2% of net revenue, in the fourth quarter of 2022.
Gross profit was $45.2 million, or 33.3% of net revenue, in Q4 2023, compared to $33.3 million, or 30.3% of net revenue, in the prior year quarter.
Forward Guidance
For fiscal year 2024, management expects net revenue of at least $552 million, representing at least a 17% increase compared to fiscal year 2023, and Adjusted EBITDA of at least $57 million, representing at least an 18% increase compared to fiscal year 2023.
Positive Outlook
- Net revenue of at least $552 million, which represents at least a 17% increase compared to fiscal year 2023 and at least a 19% increase when excluding the extra week in fiscal year 2023.
- Adjusted EBITDA of at least $57 million, which represents at least an 18% increase compared to fiscal year 2023 and at least a 20% increase when excluding the extra week in fiscal year 2023.
Challenges Ahead
- Capital expenditures in the range of $35 million to $45 million.
- Guidance assumes that there are no additional significant disruptions to the supply chain or its customers or consumers, including any issues from adverse macroeconomic factors.
- Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income (loss) and Adjusted EBITDA Margin and net income (loss) margin, their most directly comparable GAAP measures, without unreasonable effort due to the unavailability of reliable estimates for income taxes, among other items.
- These items are not within our control and may vary greatly between periods and could significantly impact future financial results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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