In a press release dated May 11th Vital farms Inc. (VITL) announced results for the first quarter of FY 2021 ending March 28th. VITL is a Certified B Company with 39 percent of equity held by insiders and 71 percent by institutions. As of April 15th 17 percent of float was short.
The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)
|
1st Quarter Ending
|
March 28th 2021
|
March 29th 2020
|
Difference (%)
|
|
Sales:
|
$58,545
|
$47,579
|
+23.0
|
|
Gross profit:
|
$21,330
|
$15,855
|
+34.5
|
|
Operating income:
|
$3,084
|
$2,903
|
+6.2
|
|
Pre-tax Income
Net Income
|
$3,1761
$3,4912
|
$2,765
$1,945
|
+14.9
+79.5
|
|
Diluted earnings per share:
|
$0.08
|
$0.05
|
+60.0
|
|
Gross Margin (%)
|
33.3
|
33.3
|
0
|
|
Operating Margin (%)
|
6.1
|
6.1
|
0
|
|
Profit Margin (%)
|
4.1
|
4.1
|
0
|
|
Long-term Debt:
|
$0
|
$0
|
0
|
|
12 Months Trailing:
|
|
|
|
|
Return on Assets (%)
|
7.3
|
|
|
|
Return on Equity (%)
|
10.2
|
|
|
|
Operating Margin (%)
|
6.4
|
|
|
|
Profit Margin (%)
|
4.1
|
|
|
|
Total Assets
|
$173,824
|
$171,374
|
+1.4
|
|
Market Capitalization
|
$833,000
|
|
|
Notes 1. Other Income $110,000
- Q1 2021 tax benefit $304,000. Q1 2020 tax payment $831,000
52-Week Range in Share Price: $19.49 to $43.30 50-day Moving average $23.17
Market Close May 10th pre-release $20.11. Close May 11th post-release $20.73
Forward P/E 208
Capital expenditure Q1 $3.5 million
In commenting on results for Q1 Russell?Diez-Canseco, President and CEO, stated “we had a terrific start to the year, which we believe demonstrates our ability to retain consumers who are initially attracted to our products and remain loyal because of our mission, values, and commitment to stakeholders,” He added “We saw solid growth in both retail distribution, which increased 13 percent year over year, to over 16,500 stores at the end of the first quarter, and household penetration for our pasture-raised eggs, which now stands at 4.1 percent, up 120 basis points over that same time period.”
Diez-Canseco continued, “We are building an enduring brand, delivering on our growth strategy, and showing the world how to produce ethical food at scale. We are confident in the opportunities that remain ahead for us to reach even more households with our high-quality, pasture-raised products.”
The Company projects 2021 revenue in a range of $246 to $253million with an EBITDA ranging from $7 to $9 million