Vital Farms reported a 23% growth in net revenue to $58.5 million in the first quarter of 2021. The pasture-raised egg producer attributed to volume increases to distributor and retailer partners.
The company shared its results for the quarter ending March 28 on May 11.
Net income was $3.5 million during that time period, compared to $1.9 million in the first quarter of 2020.
“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,” said Russell Diez-Canseco, President and CEO, Vital Farms.
“We saw solid growth in both retail distribution, which increased 13% 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%, 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.”
Vital Farms went public on July 31, 2020, raising nearly $205 million in an initial public offering. The company now trades on the Nasdaq exchange under the VITL ticker.
For the third quarter of 2020, which began before the company went public, Vital Forms reported that their net revenue and net income had doubled to $53.4 million and $1.7 million, respectively.
Looking forward
The quarterly report also included guidance that continues to assume no further significant disruptions to the supply chain, customers or consumers due to the COVID-19 global pandemic.
The company expects net revenue to reach $246 to $253 million for the full fiscal 2021 year, a 15-18% increase over 2020. The forecasted adjusted EBITDA has increased to a range of $7 to $9 billion, compared to prior guidance of $6 to $8 billion.
Started on a single farm in Austin, Texas, in 2007, Vital Farms is now a national consumer brand that works with over 200 small family farms and is the leading U.S. brand of pasture-raised eggs and butter by retail dollar sales, according to a spokesperson from the company.
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