Vital Farms reports Q4 EPS 17c, consensus 9c

Reports Q4 revenue $135.8M, consensus $131.84M. “2023 was another outstanding year for Vital Farms. This company continues to deliver on its ambitious growth targets, and we’ve again proven our resilience by executing for our stakeholders in a dynamic and challenging environment. We ended 2023 with our strongest ever quarter for net revenue, expanded distribution through new and existing retailers and built more trusted relationships with our consumers. We’re well positioned for a big year ahead and on track to be a $1 billion business by 2027,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, “I’d like to thank each of our stakeholders, including our crew members, our farmers and our customers, for their dedication to bringing ethical food to the table. We look forward to carrying this momentum into 2024 as we continue delivering on our purpose of improving the lives of people, animals, and the planet through food.” Diez-Canseco added, “2024 marks a new chapter in Vital Farms’ growth. We drove a nearly $60 million expansion in operating cash flow in 2023 and ended the year with a greater than 10% adjusted EBITDA margin. The decisions we’ve made since our IPO on product mix and pricing, growth in distribution and brand awareness, the leverage we’ve created scaling a world class organization and the scale we’ve achieved through supply chain investments position us for sustained, profitable growth. This is a major milestone on the roadmap we laid out at our IPO, and a critical inflection point on our path to the ambitious targets we discussed at the analyst day last year. We will continue to make targeted investments that will take us to $1 billion and beyond, enable us to serve even more stakeholders, and create an even bigger platform to disrupt factory food.”