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Sodastream (SODA) Q4 Tops Street, Margins Down

 February 20, 2013 08:29 AM


(By Balaseshan) Sodastream International Ltd. (NASDAQ: SODA) reported a 41.6% jump in quarterly earnings helped by strong growth across its segments. Despite upbeat results and guidance, the company's gross margin declined, and shares fell 4.16% in premarket.

Earnings for the third quarter were $7.53 million or $0.36 per share, up from $5.32 million or $0.26 per share last year. Adjusted earnings per share (EPS) rose to $0.45 from $0.32.

Revenue grew to $132.95 million from $85.69 million.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.39 per share on revenue of $121.54 million for the fourth quarter.

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Revenue from soda maker starter kits jumped 62% to $66.1 million, while consumables revenue climbed 54% to $64.8 million. Other revenue fell 28% to $2.0 million.

Geographical-wise, revenue from Western Europe grew 31% to $51.9 million, while revenue from the Americas jumped 96% to $62.8 million. Revenue from Central & Eastern Europe, Middle East, Africa increased 28% to $6.6 million, while revenue from Asia-Pacific climbed 31% to $11.6 million.

Soda maker starter kits sales soared 45% to 1.11 million units, while CO2 refills sales grew 26% to 4.308 million units. Flavors sales jumped 60% to 7.362 million units.

Gross margin fell to 53.0% from 57.3%, primarily due to higher dependency on subcontractors and expedited shipments including air freight of raw materials and finished goods mainly to support the Source launch and to fulfill better than expected overall demand.

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Looking ahead into the fiscal 2013, the company expects its revenue growth of about 25% over 2012 revenue of $436.3 million, while Street predicts revenue growth of 20.10%. The company also projects its 2013 adjusted earnings growth of about 25% over 2012 adjusted net income of $50.0 million.

SODA closed Tuesday's regular session up 2.62% at $52.44. The stock has been trading between $28.28 and $53.99 for the past 52 weeks.

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