National Beverage Corp. Reports Robust Earnings on Record Revenues
National Beverage Corp. (NASDAQ: FIZZ) announces Q1 results: Net sales reach a record $324 million, operating profit increases by 36% to $63 million, earnings per share rise by 39% to $.53, and cash generated by operations increases by $30 million to $70 million. Margins improve due to price increases and easing of raw material price pressures. Company plans to launch new flavors - Mojito and Sunshine - in the coming months. Overall, a strong start to the 2024 fiscal year.
Positive
Record net sales of $324 million
Operating profit increases by 36%
Earnings per share rise by 39%
Cash generated by operations increases by $30 million
09/07/2023 - 04:21 PM
FORT LAUDERDALE, Fla. --(BUSINESS WIRE)--
National Beverage Corp. (NASDAQ: FIZZ) today announced results for its first quarter ended July 29, 2023. Compared to the prior year:
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LaCroix Mojito and Sunshine - newest flavors! (Photo: Business Wire)
Net sales increased to $324 million
Operating profit increased 36% to $63 million
Earnings per share increased 39% to $.53 ; and
Cash generated by operations increased $30 million $70 million
“Reflecting on our historical financial performance, the first quarter has always been our most significant, serving as a reliable preview of the coming fiscal year. Historically, there has been a significant correlation of improved earnings for the quarter with achievement of targeted financial performance for the year. Accordingly, we take pleasure in reporting our ninth consecutive quarter of record sales and a strong start to our 2024 fiscal year,” stated a company spokesperson. “Despite a slight volume decrease, margins continued to improve as a result of price increases and easing of raw material price pressures. Gross profit per case increased and represents our seventh consecutive quarterly increase in margins per case.
“Our brands resonate with consumers. LaCroix’s steadfast commitment to bring joy and good health with delicious flavors and distinctive packaging has resulted in long-term category leadership. Across our brand portfolio, we are focused on unique innovation, broader brand distribution and marketing and social media programs designed to increase household consumption, velocity, brand awareness and market share.
“Innovation is boundless at National Beverage. Our loyal shareholders will soon receive an investor package containing an 8-pack of our top-selling LaCroix LimonCello , a consumer favorite, for their enjoyment. And . . . we are excited to reveal our newest flavors - Mojito and Sunshine! We will be launching these two new additions to the LaCroix sparkling water family in the coming months.
“As we stated in our annual shareholder letter, we begin the new fiscal year with resolute enthusiasm and are optimistic that our entrepreneurial philosophy, brand equity and proven innovation will continue to deliver superior returns to our loyal FIZZ shareholders,” concluded the spokesperson.
“Patriotism” – If Only We Could Bottle It!
National Beverage Corp.
Consolidated Results for the Periods Ended
July 29, 2023 and July 30, 2022
(in thousands, except per share amounts)
Three Months Ended Trailing Twelve
July 29, 2023 July 30, 2022 July 29, 2023
Net Sales
$
324,240
$
318,117
$
1,179,055
Net Income
$
49,631
$
35,454
$
156,341
Earnings Per Common Share
Basic
$
.53
$
.38
$
1.67
Diluted
$
.53
$
.38
$
1.67
Average Common Shares Outstanding
Basic
93,354
93,338
93,351
Diluted
93,610
93,599
93,610
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and other factors described in the Company's Securities and Exchange Commission filings which may cause actual results or achievements to differ from the results or achievements expressed or implied by such statements. The Company disclaims an obligation to update or announce revisions to any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230907532531/en/
Office of the Chairman, Grace Keene
Source: National Beverage Corp.
