SodaStream Net Climbs 36.1 Percent in Q2
AIRPORT CITY, Israel-Hefty revenue gains among all of its product categories propelled SodaStream to a gain of 36.1 percent in second-quarter net income, to $12.9 million.
Net revenue in the quarter, which ended on June 30, rose 28.5 percent to $132.4 million. The increase included revenue gains of 25 percent for soda maker starter kits, 28 percent in consumables and 134 percent in "other," which a SodaStream statement did not define. On a regional basis, revenue in the Americas was up 55 percent, 26 percent in Western Europe and 9 percent in the Asia-Pacific region.
Operating expenses, although they rose 23.8 percent in dollars, were down 166 basis points as a percentage of sales to 43.3 percent. Daniel Birnbaum, SodaStream's CEO, said the company was able to leverage its expenses to boost earnings per share in the quarter (60 cents) ahead of expectations. Gross margin was down two basis points to 54.3 percent, reflecting SodaStream's continuing dependence on manufacturing by subcontractors.
Birnbaum said the quarter brought "great progress" in SodaStream's plan to increase its installed base and strengthen loyalty by users of its products. "Our strong momentum in the Americas and Western Europe, combined with improving trends in Asia-Pacific, position us well to achieve our upwardly revised outlook for 2013," he said.
That new outlook calls for full-year 2013 revenue to jump about 30 percent over last year, to about $436.3 million. Previously, SodaStream had projected a revenue gain of 27 percent.