Business
Vital Farms Reports Third Quarter 2023 Financial Results
Third Quarter Net Revenue $110.4 million, up 20.0% versus Prior Year PeriodRaises 2023 Adjusted EBITDA Forecast AUSTIN, Texas, Nov. 02, 2023 (GLOBE NEWSWIRE)
About this update from Vital Farms, Inc.
[{"type":"text","content":"Third Quarter Net Revenue $110.4 million, up 20.0% versus Prior Year PeriodRaises 2023 Adjusted EBITDA Forecast AUSTIN, Texas, Nov. 02, 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 third quarter ended September 24, 2023. Financial highlights for the third quarter include: Third Quarter 2023 Net Revenue increase of 20.0% to $110.4 millionThird Quarter 2023 Net Income of $4.5 millionThird Quarter 2023 Adjusted EBITDA of $9.3 million1 “The Vital Farms brand continues to gain new consumers, and our company produced another quarter of strong results, including 20% top-line growth and gross margin above 33%. As a result of our strong year-to-date profitability, we are increasing our full year Adjusted EBITDA guidance again this quarter,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, “We are even more confident in the current trajectory of our business and equally excited about the long-term potential of our company to further improve the lives of people, animals, and the planet through food. We provided a look into the future of Vital Farms at our recent Analyst Day in Austin, which included greater detail on our potential to bolster demand by gaining new retail partners, increase our current assortment at existing retail partners, and drive a significant increase in household penetration by unleashing the power of our marketing team. We are confident Vital Farms is well on its way to becoming a billion-dollar brand.” 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 (loss), its closest comparable GAAP measure, at the end of this release. For the 13 Weeks Ended September 24, 2023 Net revenue increased 20.0% to $110.4 million in the third quarter of 2023, compared to $92.0 million in the third quarter of 2022. Net revenue growth in the third quarter of 2023 was driven by higher prices and volume gains of 13%. The volume growth was driven by increases at both new and existing retail customers. Gross profit was $36.7 million, or 33.2% of net revenue, in the third quarter of 2023, compared to $29.5 million, or 32.0% of net revenue, in the prior year quarter. Gross profit gr...