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Vital Farms, Inc. (NASDAQ:VITL) shares are trading higher on Thursday.
The company reported fourth-quarter earnings per share of $0.17, beating the Wall Street view of $0.09.
Quarterly revenue of $135.81 million beat the analyst consensus of $131.839 million. Net revenue increased 23.4% year over year.
Net revenue growth in the fourth quarter of 2023 was driven by higher prices and volume gains of 11.6%.
Vital reported fourth-quarter adjusted EBITDA of $13.9 million, compared to $6.9 million a year ago.
Gross profit was $45.2 million in the fourth quarter of 2023, compared to $33.3 million a year ago. Gross margin is 33.3%, higher than 30.3% a year ago. Higher sales primarily drove gross profit growth.
Income from operations in the fourth quarter was $9.1 million, compared to income from operations of $3.4 million in the year-ago period.
Adjusted EBITDA was $13.9 million in the fourth quarter compared to $6.9 million a year ago.
Cash and equivalents were $116.8 million as of December 31, 2023, and the company had no outstanding debt.
Outlook: For FY24, the company sees net revenue of at least $552 million, which represents at least a 17% increase compared to fiscal year 2023 (estimate: $550.6 million).
Vital sees Adjusted EBITDA of at least $57 million, which represents at least an 18% increase compared to fiscal year 2023. Capital expenditures in the range of $35 million to $45 million.
Price Action: VITL shares are trading higher by 1.32% to $19.25 on the last check Thursday.
Posted In: VITL
