SodaStream Boosts Net 44 Percent, Posts First Ever $100 Million Quarter in Sales
AIRPORT CITY, Israel-With its second-quarter net income climbing 43.9 percent to $9.5 million, SodaStream set a landmark in the quarter by topping $100 million in quarterly sales for the first time in its history.
Net sales totaled $103 million, up 49.1 percent in the quarter, which ended on June 30. Daniel Birnbaum, SodaStream's CEO, said the company picked up sales across its product categories and geographic regions, with the United States showing particularly strong growth.
"It's clear that our strategy of expanded distribution and increased marketing is leading to growing demand for our products in the U.S. and other newer markets," Birnbaum said. "At the same time, many of our more established markets continued to post solid revenue gains."
Gross margin also headed upward to the tune of 138 basis points, to 54.4 percent. Selling, general and administrative expenses increased 55.7 percent in dollars and 190 basis points as a percentage of sales, to 44.9 percent.
Based on the second quarter, SodaStream said it expects total 2012 revenue to increase about 40 percent over last year's revenue, and that net income will rise by about 55 percent. "The successful execution of our growth strategy, combined with a strong pipeline of product innovation, gives us confidence in our ability to capture a greater share of the global beverage industry in the years ahead," Birnbaum said.