Business
Vital Farms Reports Third Quarter 2021 Financial Results
Record Net Revenue of $64.6 millionIncreasing 2021 Net Revenue Guidance AUSTIN, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a
About this update from Vital Farms, Inc.
[{"type":"text","content":"Record Net Revenue of $64.6 millionIncreasing 2021 Net Revenue Guidance AUSTIN, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced pasture-raised foods nationwide, today reported financial results for its third quarter ended September 26, 2021. Financial highlights for the third quarter of 2021 include: Net Revenue increases 21.1% to $64.6 millionNet Loss of $1.3 millionAdjusted EBITDA of $0.2 million1 “We delivered record net revenue for the second consecutive quarter, increased our network of family farms to over 250, expanded retail distribution to over 18,000 stores, and over 5.5 million households continue to trust our pasture-raised eggs,” said Russell Diez-Canseco, President and CEO, Vital Farms. “We are pleased to raise our fiscal year revenue outlook which reflects our confidence in sustaining the strong momentum we’ve seen across the business.” Diez-Canseco continued, “We believe our financial performance and continued growth is a testament to how we operate the business in the interest of our stakeholders—farmers, suppliers, crew members, customers, consumers, communities, environment, and stockholders—a model that not only promises resilience to these core groups but also produces robust returns over time.” For the Three Months Ended September 26, 2021 Net revenue increased 21.1% to $64.6 million in the third quarter of 2021, compared to $53.4 million in the third quarter of 2020. Net revenue grew 37.7% on a two-year compound annual growth rate, which demonstrates the growth trajectory of the business as it eliminates the one-time impact of COVID-19-related pantry loading in the year-ago periods. Growth in net revenue in the third quarter of 2021 was due to continued growth in egg-related sales, driven by volume increases at our customers as well as distribution gains at both new and existing retail partners and an increase in butter-related sales. Gross profit was $19.9 million, or 30.7% of net revenue, in the third quarter of 2021, compared to $18.4 million in the prior year period. The change in gross profit was primarily driven by higher sales. The change in gross margin was primarily attributable to an increase in grain input costs, which peaked in the second quarter of 2021 and began to flow through our income statement this q...