Business
Vital Farms Reports First Quarter 2023 Financial Results
First Quarter Net Revenue a Record $119.2 million, up 54.7% versus Prior YearVolume Grew 26% During the Period AUSTIN, Texas, May 04, 2023 (GLOBE NEWSWIRE) --
About this update from Vital Farms, Inc.
[{"type":"text","content":"First Quarter Net Revenue a Record $119.2 million, up 54.7% versus Prior YearVolume Grew 26% During the Period AUSTIN, Texas, May 04, 2023 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its first quarter ended March 26, 2023. Financial highlights for the first quarter include: First Quarter 2023 Net Revenue increase of 54.7% to $119.2 millionFirst Quarter 2023 Net Income of $7.2 millionFirst Quarter 2023 Adjusted EBITDA of $13.9 million1 “2023 is off to a tremendous start, as we achieved the highest net revenue and Adjusted EBITDA in a single quarter in Vital Farms' history at $119.2 million and $13.9 million, respectively.1 This was driven by both strong internal execution and robust consumer demand for our products as our volumes grew 26% during the period,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, “Vital Farms’ prolonged success is grounded in our consistent focus on working with our stakeholder community to generate sustained, positive outcomes. Once again, our farmers continued to execute well during a tough operating environment. The work ethic demonstrated by our crew members and external partners to satisfy the needs of our customers and consumers during the period was motivational. It underscores the potential of our organization as we further our mission of improving the lives of people, animals, and the planet through food.” 1 Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release. For the 13 Weeks Ended March 26, 2023 Net revenue increased 54.7% to $119.2 million in the first quarter of 2023, compared to $77.1 million in the first quarter of 2022. Growth in net revenue in the first quarter of 2023 was driven by volume gains of 26%, primarily due to increases at both new and existing customers, as well as pricing increases. Gross profit was $42.7 million, or 35.8% of net revenue, in the first quarter of 2023, compared to $21.7 million, or 28.2% of net revenue, in the prior year quarter. The change in gross profit was primarily driven by higher sales. Gross margin benefited from increased pricing across...