Vital Farms announced a net revenue of US$147.4 million in the second quarter of 2024, a 38.5% increase compared to $106.4 million in the second quarter of 2023, in its most recent financial review.
In the first quarter of 2024, Vital reported a net revenue of US$147.9 million, a 24.1% increase compared to the US$119.2 million it saw in the first quarter of 2023.
According to Russell Diez-Canseco, Vital Farms’ President and CEO, the producer’s net revenue growth in 2024 has been driven by volume gains, 35.8% in the second quarter, and reduced egg prices compared to last year. Vital’s volume growth has been driven by accelerated demand and increased store distribution in the last year.
Additionally, Vital saw a net income of US$16.3 million in the second quarter of 2024, compared to US$6.7 million in the same quarter last year. In the first quarter of 2024, the producer’s net income was US$19 million.
Net income for the most recent quarter was attributed to higher sales, but partially offset by increased marketing and employee related expenses
Vital is expanding its egg washing, packing capabilities
In June 2024, to support Vital’s growth, the producer announced plans to construct a new egg washing and packing facility.
The Indiana-based facility will be known as Egg Central Station (ECS) Seymour and is an extension of the producer’s ECS location in Springfield, Missouri. It is expected to break ground in mid-2025 with full operations beginning in 2027.
According to the producer, ECS Seymour will generate over US$350 million in additional revenue for the company and expand its farm development in the area. Vital said it expects the new facility to support approximately 165 farmers and create over 150 jobs in the local community.
