Vital Farms now sees FY24 revenue of at least $600M, consensus $598.35M

For the fiscal year 2024, management now expects net revenue of at least $600M, which represents at least 27% growth versus fiscal year 2023, compared to a previous expectation of at least $590M, or 25% growth; Adjusted EBITDA of at least $80M, which represents at least 65% growth versus fiscal year 2023, compared to a previous expectation of at least $75M, or 55% growth; Capital expenditures for the full year in the range of $30M to $40M, which is reduced from a previous range of $35M to $45M due to updated timing on some key projects. “We continue to evaluate our capital allocation priorities, and we will provide updates as necessary in future earnings reports,” the company stated. Thilo Wrede, Vital Farms (VITL)’ Chief Financial Officer, added: “With another solid performance in the third quarter, I am pleased to again update our guidance for 2024. Our new outlook reflects the strong performance of the business for the first nine months of this year and our good visibility for the fourth quarter of 2024. Our revised guidance is built around a favorable commodity outlook and strong consumer demand supported by our marketing reinvestment strategy. Vital Farms’ long-term strategy is built to increase brand awareness, drive deeper loyalty with consumers, and grow our household penetration through focused energies on brand marketing and continuous retail expansion.”