SodaStream beats by $0.13, reports revs in-line; guides FY14 revs below consensus (29.77)
Reports Q2 (Jun) earnings of $0.43 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 6.5% year/year to $141 mln vs the $140.53 mln consensus.
Gross margin for the second quarter 2014 was 50.5% compared to 54.3% for the same period in 2013. The decline was primarily due to unfavorable changes in foreign currency exchange rates, increased penetration of lower margin soda makers in the sales mix and inventory write offs, which were partially offset by a higher share of CO2 refills in product mix.
Regional Sales
Gross margin for the second quarter 2014 was 50.5% compared to 54.3% for the same period in 2013. The decline was primarily due to unfavorable changes in foreign currency exchange rates, increased penetration of lower margin soda makers in the sales mix and inventory write offs, which were partially offset by a higher share of CO2 refills in product mix.
Regional Sales
- The Americas $40.9 mln, -14% y/y
- Western Europe $77.7 mln, +14% y/y
- Asia Pacific $10.8 mln, +13% y/y
- CEMA $6.1 mln, +71% y/y
- Soda Makers $45.8 mln, -8%
- Consumables $90.8 mln, +15%
- Co issues downside guidance for FY14, sees FY14 revs of approx $590 vs. $623.05 mln Capital IQ Consensus Estimate.
- The Company now expects full year 2014 EBITDA to increase approximately 5% over 2013 EBITDA of $62.2 million. Excluding changes in foreign currency exchange rates compared to 2013, the Company expects 2014 EBITDA to increase approximately 17% over 2013.
- The Company now expects full year 2014 net income to decrease approximately 5% over 2013 net income of $42.0 million