Vital Farms sees 2024 net revenue at least $552M, consensus $550.6M

Thilo Wrede, Vital Farms’ Chief Financial Officer, commented: “We are very pleased with the financial performance we delivered in the fourth quarter and throughout 2023, highlighted by our record net revenue and improved profitability. The Vital Farms brand continues to gain share, and its strength positions us well to deliver on our positive expectations for 2024 and keeps us on track to achieve our long-term financial targets of $1 billion in net revenue, 35% gross margin and 12-14% Adjusted EBITDA margin.” For the fiscal year 2024, management expects: Net revenue of at least $552 million, which represents at least a 17% increase compared to fiscal year 2023 and at least a 19% increase when excluding the extra week in fiscal year 2023. Adjusted EBITDA of at least $57 million, which represents at least an 18% increase compared to fiscal year 2023 and at least a 20% increase when excluding the extra week in fiscal year 2023. Capital expenditures in the range of $35 million to $45 million. The Company will continue to evaluate its capital allocation priorities and will provide updates in future earnings reports as necessary.”