Home carbonated drinks company SodaStream International Ltd. (Nasdaq: SODA) has lowered its guidance for 2014 while reporting its third quarter results.
The company now sees full year 2014 revenue decreasing 9% from $562.7 million in 2013. SodaStream also sees full year 2014 EBITDA decreasing 26% over 2013 EBITDA of $62.2 million, while full year profit is expected to be down 42% from 2013 profit of $42 million.
SodaStream reported revenue of $125.9 million in the third quarter, down from $144.6 million in the third quarter 2013. Net profit was $9.5 million in the third quarter down from $16.4 million in the third quarter 2013. Diluted earnings per share were $0.45, compared with $0.76 in the corresponding quarter of 2013.
SodaStream CEO Daniel Birnbaum said, "As we previously announced, our third quarter performance was pressured by challenging selling conditions for soda makers and flavors primarily in the US. Our performance outside the US was mixed during the third quarter with strength in company operated markets such as Germany, Australia, Canada and Switzerland, partially offset by declines in distributor markets, namely France and the Czech Republic. Today, we are introducing a comprehensive growth plan that will serve as our blueprint for returning SodaStream to profitable growth. We are fully committed to getting the company back on track and leverage the unique opportunity we have to fulfill our role in the transformation underway in the beverage industry."
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2014
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