Soda maker SodaStream International Ltd. (Nasdaq: SODA) today announced record revenue and profits for the second quarter of 2012, passing the $100 million revenue threshold for the first time, and again raised its full-year guidance. Beginning with the first quarter, the company also switched its reporting currency from euros to US dollars.
Revenue rose 49% to $103 million for the second quarter from $69.1 million for the corresponding quarter of 2011. GAAP-based net profit rose 44% to $9.5 million ($0.45 per share) for the second quarter from $6.6 million for the corresponding quarter, and non-GAAP net profit rose to $10.9 million ($0.52 per share) from $7.9 million.
SodaStream raised its full year revenue guidance to reflect 40% growth over its €222.7 million revenue in 2011 from 33% growth. It raised its net profit guidance to 55% growth over its net profit of $27.5 million in 2011, from 50% growth.
Revenue in the Western Europe, SodaStream's largest market, rose 25% to $54 million for the corresponding quarter from $43.2 million for the corresponding quarter, and revenue in the Americas, its second largest market, rose 109% to $30.7 million from $14.7 million. Asia-Pacific sales had the greatest growth, 234%, to $9.9 million for the second quarter from $3 million for the corresponding quarter.
SodaStream CEO Daniel Birnbaum said, "It's clear that our strategy of expanded distribution and increased marketing is leading to growing demand for our products in the US and other newer markets. At the same time, many of our more established markets continued to post solid revenue gains. The successful execution of our growth strategy, combined with a strong pipeline of product innovation, gives us confidence in our ability to capture a greater share of the global beverage industry in the years ahead."
SodaStream rose 7.8% in premarket trading today to $44.38, giving a market cap of $831 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2012
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