Business
Vital Farms Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Record Fourth Quarter Net Revenue of $135.8 million, up 23.4% versus Prior Year PeriodProvides Fiscal Year 2024 Outlook AUSTIN, Texas, March 07, 2024 (GLOBE
About this update from Vital Farms, Inc.
[{"type":"text","content":"Record Fourth Quarter Net Revenue of $135.8 million, up 23.4% versus Prior Year PeriodProvides Fiscal Year 2024 Outlook AUSTIN, Texas, March 07, 2024 (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 fourth quarter (14 weeks) and fiscal year (53 weeks) ended December 31, 2023. Financial highlights for the fourth quarter ended December 31, 2023 (14 weeks) compared to the fourth quarter ended December 25, 2022 (13 weeks): Net Revenue increased 23.4% to $135.8 million, compared to $110.1 million. Excluding the extra week in the fourth quarter, Net Revenue increased 15.7%.Net Income of $7.2 million, compared to $1.9 million.Net Income per Diluted Share of $0.17, compared to $0.04.Adjusted EBITDA of $13.9 million, compared to $6.9 million.¹ Financial highlights for the fiscal year ended December 31, 2023 (53 weeks) compared to the fiscal year ended December 25, 2022 (52 weeks): Net Revenue increased 30.3% to $471.9 million, compared to $362.1 million. Excluding the extra week in fiscal year 2023, Net Revenue increased 28.0%.Net Income of $25.6 million, compared to $1.2 million.Net Income per Diluted Share of $0.59, compared to $0.03.Adjusted EBITDA of $48.3 million, compared to $16.2 million.¹ “2023 was another outstanding year for Vital Farms. This company continues to deliver on its ambitious growth targets, and we’ve again proven our resilience by executing for our stakeholders in a dynamic and challenging environment. We ended 2023 with our strongest ever quarter for net revenue, expanded distribution through new and existing retailers and built more trusted relationships with our consumers. We’re well positioned for a big year ahead and on track to be a $1 billion business by 2027,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, “I’d like to thank each of our stakeholders, including our crew members, our farmers and our customers, for their dedication to bringing ethical food to the table. We look forward to carrying this momentum into 2024 as we continue delivering on our purpose of improving the lives of people, animals, and the planet through food.” Diez-Canseco added, “2024 marks a new chapter in Vital Farms’ growth. We drove a nearly $60 million expansion in operati...