SodaStream Profit Rises Sharply
August 02 2016 - 9:30AM
Dow Jones News
SodaStream International Ltd. reported better-than-expected
results as the countertop-carbonation maker works to recast itself
as a sparkling water producer at a time when many consumers are
scaling back on sugary soda.
Shares of SodaStream surged 15% to $27.91 in premarket trading.
The stock has risen 37% over the past 12 months.
For the quarter ended June 30, the Israeli company said its
profit multiplied to $7.8 million, or 37 cents a share, up from
$960,000, or 5 cents a share a year earlier. Adjusted per-share
earnings increased to 37 cents from 17 cents.
Revenue rose 19% to $119.2 million, driven by increased consumer
demand for sparkling water makers and consumables mainly in
Germany, Canada, Japan, France and South Korea.
SodaStream beat expectations of analysts polled by
Thomson-Reuters, which had forecast 12 cents in per-share earnings
on $105.7 million in revenue.
Chief Executive Daniel Birnbaum said the company's work to
reposition the SodaStream brand around sparkling water and
communication about the benefits of its home carbonation system
helped revenue rise in all four if its geographic regions.
In Western Europe, the company's largest segment in revenue,
revenue rose 14% to $74.7 million. Sales in the Americas gained 13%
in the quarter to $26 million, while sales also increased 44% in
Asia Pacific to $13 million, and sales in Central and Eastern
Europe, Middle East and Asia jumped 32% to $5.8 million.
The countertop-carbonation maker sold 7.5 million gas refill
units and six million flavor units in the quarter. SodaStream sold
637,000 sparkling water maker units in the quarter, up 30%.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
August 02, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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