VITL - Vital Farms beats Q2 top and bottom line estimates; raises FY23 outlook

2023-08-03 07:27:01 ET

• Vital Farms press release ( NASDAQ: VITL ): Q2 GAAP EPS of $0.15 beats by $0.08 .
• Revenue of $106.4M (+28.3% Y/Y) beats by $1.18M .
• Adjusted EBITDA was $11.3 million, or 10.7% of net revenue, in the second quarter of 2023, compared to $3.7 million, or 4.4% of net revenue, in the second quarter of 2022.
• Capital expenditures totaled $4.3 million in the 26-week period ended June 25, 2023, compared to $4.4 million in the prior year period.
• Raises 2023 Net Revenue and Adjusted EBITDA Forecast:
• For the full fiscal year 2023, management now expects net revenue of more than $465 million vs. consensus of $458.91M, which still anticipates higher net revenue growth rates and gross margin in the first half of year than in the second half of the year.
• Management now expects Adjusted EBITDA of more than $35 million for the full fiscal year 2023.
• Finally, management now expects fiscal year 2023 capital expenditures in the range of $16 to $21 million.

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