Vital Farms reports growth in pre-IPO quarter

Vital Farms announced its quarterly financial results for the first time as a publicly-traded company, with the pasture-raised egg producer reporting a strong performance for the second quarter of its 2020 fiscal year.

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Vital Farms announced its quarterly financial results for the first time as a publicly-traded company, with the pasture-raised egg producer reporting a strong performance for the second quarter of its 2020 fiscal year.

For the most recently completed quarter, Vital Farms reported a net income of $5.9 million, more than doubling the $2.8 million for the same quarter of the previous year. The company’s income from operations for the quarter increased from $3.9 million to $9.1 million. Net revenue increased 84% to $59.3 million, while gross profit essentially doubled to $22.7 million.

While those figures reflect significant growth, they do not take into account Vital Farms’ recent initial public offering (IPO). The IPO, which raised nearly $205 million for the company, was held on August 4. The second quarter concluded on June 28.

“We are pleased to report strong second quarter results following our successful IPO, driven in part by increased at-home consumption due to COVID-19.  Our ability to keep grocery shelves stocked and consumers fed during this extraordinary time is due to the commitment of the many frontline workers across our supply chain, including our crew members, farmers, vendors and retail partners. We thank all of these essential workers for what they do each day to bring food to households across the country,” Vital Farms President and CEO Russell Diez-Canseco stated in a press release.

Vital Farms egg products include shell eggs, hard-boiled eggs and liquid whole eggs. The company is also involved in the production of free-range butter and ghee. As of December 31, 2019, Vital Farms had a flock of 300,000 hens.

According to a spokesperson for the company, Vital Farms is the leading pasture-raised egg and butter brand in the United States and the No. 2 egg brand in the United States by retail dollar sales. Vital Farms was also described as the leading egg brand at Whole Foods Market and Sprouts by retail dollar sales, and the No. 2 egg brand at Kroger and Target stores, also by retail dollar sales.

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