Vital Farms, Inc. (VITL) announced on Thursday an upward revision of its annual revenue forecast, exceeding Wall Street expectations.
Thilo Wrede, Chief Financial Officer of Vital Farms, commented, "Our updated forecast accounts for the robust performance observed during the first nine months of this year and the promising outlook for the fourth quarter of 2024. This revised guidance is grounded in a favorable commodity landscape and strong consumer demand, which is supported by our strategy to reinvest in marketing."
For the entire fiscal year, the company now anticipates revenues will reach at least $600 million, marking an increase of no less than 27% compared to the previous year, and surpassing the earlier projection of at least $590 million.
According to average estimates by six analysts surveyed by Thomson Reuters, the company's revenue is forecasted to reach $598.35 million for the year, although these projections generally exclude special financial items. Excluding these items, the annual EBITDA is projected to be at least $80 million, reflecting a growth of at least 65% from the previous fiscal year, and surpassing the former guidance of at least $75 million.
The anticipated annual capital expenditure is now expected to fall within the range of $30 million to $40 million, adjusted from the previous expectation of $35 million to $45 million, due to revised timelines of key projects.
