SodaStream raises guidance on strong Q1 results

Non-GAAP net profit rose to $14.5 million ($0.68 per share) in the first quarter from $11.5 million in the corresponding quarter.

Home carbonated beverages maker SodaStream International Ltd. (Nasdaq: SODA) today raised its full-year guidance on the basis of double-digit revenue and profit growth for the first quarter of 2013.

Revenue rose 34% to $117.6 million for the first quarter from $87.9 million for the corresponding quarter of 2012. GAAP-based net profit rose 19.5% to $12.1 million ($0.57 per share) for the first quarter from $10.1 million for the corresponding quarter, and non-GAAP net profit rose to $14.5 million ($0.68 per share) from $11.5 million. The company beat the analysts' consensus of $0.54 earnings per share on $113.1 million revenue.

SodaStream has raised its full-year revenue guidance to $554.1 million (27% growth over $436.3 million revenue in 2012) from $545.4 million ($25% growth over 2012). The company also raised its non-GAAP net profit growth forecast to 27% from 25%, to $63.5 million from $62.5 million, compared with a net profit of $50 million in 2012.

SodaStream CEO said, "Our first quarter performance was highlighted by record consumable sales driven by strong gains in several of our largest markets. Growth was led by the US, where household penetration and consumer usage continue to expand as evidenced by soda maker, gas refill and syrup unit growth of 78%, 101% and 119%, respectively, versus the same period a year ago. As we head into the summer selling season, we will continue to dedicate resources to support further growth in the US and other key markets. We continue to successfully build our business for the long term through strategic investments in product innovation, demand creation and manufacturing capacity."

Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2013

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