Carbonated drinks company Sodastream International Ltd. (Nasdaq: SODA) posted double-digit growth in 2011 and predicts further growth in 2012.
Full-year revenue rose 39% to €222.7 million in 2011 from €160.6 million in 2010. GAAP net profit rose to €21.2 million (€1.08 per share) in 2011 from €9.7 million in 2010. Its adjusted net profit was €25.3 million (€1.23 per share). The analysts' consensus was €1.19 earnings per share on €219.7 million revenue.
In its guidance for 2012, SodaStream forecasts 28% revenue growth and 35% adjusted net profit growth. The analysts' consensus for 2012 is €1.48 earnings per share on €269.8 million revenue.
Fourth quarter revenue rose 32% to €66.1 million from €50 million for the corresponding quarter of 2010. Revenue in Western Europe rose 20.5%, and revenue in the Americas rose 70%. Net profit rose to €4.1 million (€0.20 per share) for the fourth quarter from €3.5 million for the corresponding quarter, and adjusted net profit rose to €5.1 million (€0.25 per share) from €4.3 million. The analysts' consensus was €0.21 earnings per share on €63 million revenue.
SodaStream's cash rose to €52.9 million at the end of 2011 from €26.8 million a year earlier.
SodaStream CEO Daniel Birnbaum said, "This has been a defining year for SodaStream with strong top and bottom line growth in each of the four quarters, driven by robust soda maker and consumable sales." He added that the company's US business had become its single largest market, after 104% sales growth in 2011, driven by the launch of new products and retail expansion.
Birnbaum said, "Worldwide, we recently entered new markets in Japan and Brazil and are experiencing accelerated growth in France, Australia, and the UK. The recent acquisition of our Nordics business enables us to further grow in this important region as well."
SodaStream's share price fell 11.7% in premarket trading today, after rising 5.4% yesterday to $47.50, giving a market cap of $839 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 29, 2012
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