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Israeli West Bank company Sodastream reports sharply higher earnings

By Mason White 4:34 PM February 21, 2013
Sodastream 

By: Shifra Unger
An Israeli company which operates out of the West Bank, reported sharply higher earnings despite boycott efforts, according to a statement by the company.

Sodastream International Ltd. provided an even stronger growth forecast for 2013 after posting double-digit growth in the fourth quarter and full year of 2012.

Fourth quarter revenues increased 55 percent to $132.9 million from $85.7 million for the same quarter of 2011. GAAP net profit rose 41.6 percent to $7.5 million or $0.36 per share from $5.3 million for the same quarter of 2011, while non-GAAP net income was $9.4 million or $0.45 per share up from $6.7 million.

For the year, revenue rose 51 percent to $436.3 million from $289 million in 2011. GAAP net profit rose 60 percent to $43.9 million or $2.09 per share in 2012 from $27.5 million in 2011, and non-GAAP net income rose to $50 million or $2.34 per share from $32.9 million last year.

Analyst had expected the company to earn $0.39 per share on $121.5 million in revenue for the fourth quarter and earnings of $2.14 per share on revenue of $424.9 million for the year.

In its guidance, Sodastream predicts revenue growth of 25 percent to $545 million in 2013. It predicted 25 percent growth based on GAAP net income of $62.5 million and 18 percent non-GAAP net income growth of $54.9 million.

“Our efforts during 2012 was to increase global awareness of our brand and category and expand our retail presence. We had a very successful holiday season. For the first time we exceeded 1 million soft drinks sold in a quarter, resulting in approximately 3.5 million soft drinks sold for the year,” the CEO said in a statement.