SodaStream International Ltd. (Nasdaq: SODA) has published a profit warning, and its share price has fallen 17% in premarket trading on Nasdaq to $41.40.
SodaStream today announced that, on a preliminary basis, based on the information currently available, it forecasts a GAAP-based net profit of $41.5 million and a non-GAAP net profit of $52.5 million on $562 million revenue in 2013.
The home beverages carbonation systems maker posted $436.3 million revenue in 2012, and predicted $567.2 million revenue in 2013. The analysts' consensus was $558.5 million.
The non-GAAP earnings per share will be $2.50 in 2013, below the analysts' consensus of $2.57. Revenue is also below the consensus.
"Despite achieving all-time record sales, we failed to deliver our profit targets and are disappointed in our fourth quarter performance," said SodaStream CEO Daniel Birnbaum. "These preliminary results reflect a challenging holiday selling season in the US and several factors, mostly from the second half of the quarter that negatively impacted our gross margin. These include lower sell-in prices and higher product costs, a shift in product mix versus plan, and unfavorable changes in foreign currency exchange rates. While we expect some of these headwinds to continue into the first half of 2014, we are moving quickly to implement the necessary measures to restore margins to historical levels in the coming year. We remain confident that despite this setback, we will continue to profitably expand our share of the global carbonated beverage category and are on the right path to meet our long-term goals."
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2014
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