Sodastream International Ltd. (Nasdaq: SODA) today reported double-digit revenue and profit growth for the first quarter of 2012, beating the analysts' forecasts, and the company raised its guidance. The company also switched from reporting its financial results in euros to dollars.
Revenue rose 50.2% to $87.9 million for the first quarter from $58.5 million for the corresponding quarter. GAAP-based net profit rose 84.3% to $10.1 million ($0.48 per share) for the first quarter from $5.5 million for the corresponding quarter and non-GAAP net profit rose to $11.5 million ($0.55 per share) from $6.9 million last year.
Sodastream raised its full-year revenue and profit guidance. It predicts a 33% in 2012 rise on its 2011 revenue of $289 million in 2012, up from its previous growth forecast of 28%. It also predicts that net profit will be up 50% in 2012 from $27.5 million in 2011, up from its previous growth forecast of 42%.
Sales of soda maker starter kits rose 37% to $33.5 million for the first quarter from $244 million, with the number of kits sold rising to 683,000 from 592 million. Sales of CO2 refills rose 61% to $52.4 million from $32.6 million.
Sodastream's cash and cash equivalents fell to $52 million at the end of March from $74.3 million at the end of 2011, mainly due to the acquisition of its Nordics distribution activity.
Sodastream CEO Daniel Birnbaum said, "First quarter results validate our strategies to profitably expand our business on a global scale. Going forward we'll increase our investment in brand building initiatives, new product development and capacity to support growing demand. We are committed to maintaining financial discipline to generate greater earnings power and return increased value to our shareholders over the longer term."
Sodastream's share price jumped 18% in premarket trading on Nasdaq today, after falling 1.7% yesterday to $29.19, giving a market cap of $516 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2012
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