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Vital Farms Posts Q1 Financial Results

05/10/2022

Egg-NewsIn a May 5th release, Vital Farms Inc. (VITL), a Certified B Corporation posted financial results for the 1st quarter and fiscal 2022. This specialty egg producer competes directly with Eggland’s Best and other producers and distributors of USDA Certified Organic and pasture-raised products including Pete and Gerry’s, Hidden Valley and Egg Innovations. The Company experiences the same pressures of increased cost of feed, contractor remuneration, labor and transport as competitors in a market environment still restrained by COVID and inflation.

 

For the 1st Quarter of FY 2022 ending March 27th 2021, net loss was $1.54 million on revenue of $77.06 million.  Comparable figures for the 1st quarter of fiscal 2021 ending March 28h 2021 were net income of $3.49 million on revenue of $58.55 million. Diluted EPS fell from $0.08 for the 1st quarter of fiscal 2021 to $(0.04) for the most recent quarter.

 

In commenting on results, Russell Diez-Canseco, President and CEO stated “This year is off to the strong start we projected. “Vital Farms is the fastest-growing brand in dollars in the egg category. We’re delivering on our growth plans with continued gains in retail distribution and household penetration, and we are building capacity with a network of nearly 300 family farms and the expansion of Egg Central Station, which is now fully operational and positions us to double our current net revenue base in the coming years.”

 

Egg-NewsDiez-Canseco continued, “Vital Farms has always been a brand that has challenged the norms of the food system. We do this through maintaining a commitment to our stakeholders—farmers and suppliers, crew members, customers and consumers, communities and the environment, and stockholders—and by building a refreshingly honest and transparent brand that evokes a sense of trust from the over 6.5 million households that choose our pasture-raised eggs. Our stakeholder commitment and transparency attract new households to Vital Farms, drive loyalty, and give us confidence in our plans to continue to grow through existing businesses and new categories.”

 

The Company retained guidance for 2022 with revenue of $340 million and an adjusted EBITDA of $13 million.

 

On March 27th 2022, VITL posted assets of $191.26 million against long-term debt of $1.9 million. The Company had an intraday market capitalization of $452 million on March 28th. VITL trades with a forward P/E of 147 and has ranged over a 52-week period from $10.71 to $24.36 with a 50-day moving average of $12.57.  Twelve-month trailing operating margin was <0.1 percent and profit margin 0.9 percent.  Return on assets over the past twelve months was <0.1 percent and attained 1.6 percent on equity. At close of trading on May 4th pre-release, VITL was priced at $12.53. At market open post-release on May 5th VITL traded at at $12.20.