SodaStream International Sees FY13 Revenue Below View - Quick Facts

(RTTNews) - SodaStream International Ltd. (SODA) announced preliminary, unaudited results for the fiscal year ended December 31, 2013. The company expects net income to be about $41.5 million, adjusted net income of about $52.5 million and revenue of about $562.0 million for the fiscal year ended December 31, 2013. Analysts polled by Thomson Reuters expect the company to report earnings of $2.57 per share and revenues of $564.32 million for the fiscal 2013. Analysts' estimates typically exclude special items.

The company said in October 2013 that it expected full year 2013 net income to increase approximately 23% over 2012 net income of $43.9 million, and adjusted net income to increase approximately 30% over Adjusted net income of $50.0 million reported in 2012. The company expected full year 2013 revenue to increase approximately 30% over 2012 revenue of $436.3 million.

The company stated that the preliminary results reflect a challenging holiday selling season in the U.S. and several factors, mostly from the second half of the quarter that negatively impacted its gross margin. These include lower sell-in prices and higher product costs, a shift in product mix versus plan, and unfavorable changes in foreign currency exchange rates.

"Despite achieving all-time record sales, we failed to deliver our profit targets and are disappointed in our fourth quarter performance.... While we expect some of these headwinds to continue into the first half of 2014, we are moving quickly to implement the necessary measures to restore margins to historical levels in the coming year. We remain confident that despite this setback, we will continue to profitably expand our share of the global carbonated beverage category and are on the right path to meet our long-term goals," said Daniel Birnbaum, Chief Executive Officer of SodaStream.