Business
Vital Farms Reports Second Quarter 2024 Financial Results and Raises Fiscal Year 2024 Guidance
Second Quarter Net Revenue of $147.4 million, up 38.5% versus Prior Year PeriodRaises Fiscal Year 2024 Outlook and Reiterates Long-term GuidancePlans for New
About this update from Vital Farms, Inc.
[{"type":"text","content":"Second Quarter Net Revenue of $147.4 million, up 38.5% versus Prior Year PeriodRaises Fiscal Year 2024 Outlook and Reiterates Long-term GuidancePlans for New State-of-the-Art Egg Washing and Packing Facility in Seymour, Indiana to Drive Growth AUSTIN, Texas, Aug. 08, 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 second quarter ended June 30, 2024. Financial highlights for the second quarter ended June 30, 2024, compared to the second quarter ended June 25, 2023, include: Net Revenue increased 38.5% to $147.4 million, compared to $106.4 millionGross Margin expanded 362 basis points to 39.1%, compared to 35.5%Net Income of $16.3 million, compared to $6.7 millionNet Income per Diluted Share of $0.36, compared to $0.15Adjusted EBITDA of $23.3 million, compared to $11.3 million1 “Vital Farms got off to a great start in the first quarter of the year and we followed with another strong performance in the second quarter. We posted second quarter net revenue of $147.4 million, 38.5% growth versus the same period last year. I would like to thank all of our stakeholders who helped drive our mission of delivering ethical food to the table. This includes our farmers, suppliers, customers, consumers, crew members, and stockholders. Boosted by a strong first-half performance and our positive outlook for the balance of the year, we are raising our fiscal year 2024 expectations. Beyond 2024, we plan to continue to invest in the long-term health of our business. We have now passed a milestone of 350 family farms in our network, well on track to meet future demand. Additionally, with our plans for an additional state-of-the-art egg washing and packing facility in Seymour, Indiana, we are in the process of adding another cornerstone piece to our supply chain’s growing capacity to meet our $1 billion net revenue target by 2027,” said Russell Diez-Canseco, Vital Farms’ President and CEO. 1Adjusted 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 June 30, 2024 Net revenue increased 38.5% to $147.4 million in the second quarter of 2024, compared t...