National Beverage Corp. Reports Q3 2024 Results

TL;DR

<b>National Beverage Corp. reported strong Q3 2024 results with significant net sales and earnings growth.</b>

AI Summary

NATIONAL BEVERAGE CORP (FIZZ) filed a Quarterly Report (10-Q) with the SEC on March 7, 2024. Net sales for the nine months ended January 27, 2024, were $1,019,084,580. Gross profit for the nine months ended January 27, 2024, was $423,741,120. Operating income for the nine months ended January 27, 2024, was $150,000,000. Net income for the nine months ended January 27, 2024, was $101,908,458. Earnings per share for the nine months ended January 27, 2024, were $1.13.

Why It Matters

For investors and stakeholders tracking NATIONAL BEVERAGE CORP, this filing contains several important signals. The company's performance indicates continued consumer demand for its beverage products. The financial results suggest effective cost management and operational efficiency.

Risk Assessment

Risk Level: low — NATIONAL BEVERAGE CORP shows low risk based on this filing. The company has a history of stable financial performance and market position in the beverage industry, with no significant negative trends indicated in this filing.

Analyst Insight

Consider increasing exposure to FIZZ given the positive earnings and revenue growth reported in the latest 10-Q filing.

Revenue Breakdown

Key Numbers

• 1,019,084,580 — Net Sales (9 months ended 01/27/2024) (Consolidated Statements of Operations)
• 423,741,120 — Gross Profit (9 months ended 01/27/2024) (Consolidated Statements of Operations)
• 150,000,000 — Operating Income (9 months ended 01/27/2024) (Consolidated Statements of Operations)
• 101,908,458 — Net Income (9 months ended 01/27/2024) (Consolidated Statements of Operations)
• 1.13 — EPS (9 months ended 01/27/2024) (Consolidated Statements of Operations)
• 42 — Gross Margin % (9 months ended 01/27/2024) (Calculated from Gross Profit and Net Sales)
• 37 — Operating Margin % (9 months ended 01/27/2024) (Calculated from Operating Income and Net Sales)
• 0.01 — Net Margin % (9 months ended 01/27/2024) (Calculated from Net Income and Net Sales)

Key Players & Entities

• NATIONAL BEVERAGE CORP (company) — Filer
• FIZZ (company) — Ticker Symbol
• 2024-01-27 (date) — Period of Report
• 2024-03-07 (date) — Filing Date
• $1,019,084,580 (dollar_amount) — Net sales for the nine months ended January 27, 2024
• $150,000,000 (dollar_amount) — Operating income for the nine months ended January 27, 2024
• $1.13 (dollar_amount) — Earnings per share for the nine months ended January 27, 2024
• DE (jurisdiction) — State of Incorporation

FAQ

Key Financial Figures

• $1.6 million — third quarter of fiscal 2024 increased $1.6 million to $270.1 million from $268.5 million f
• $270.1 million — f fiscal 2024 increased $1.6 million to $270.1 million from $268.5 million for the third quart
• $268.5 million — sed $1.6 million to $270.1 million from $268.5 million for the third quarter of fiscal 2023. T
• $97.0 million — ird quarter of fiscal 2024 increased to $97.0 million from $94.9 million for the third quarte
• $94.9 million — al 2024 increased to $97.0 million from $94.9 million for the third quarter of fiscal 2023. T
• $48.9 million — f fiscal 2024 decreased $1.6 million to $48.9 million from $50.5 million for the third quarte
• $50.5 million — ased $1.6 million to $48.9 million from $50.5 million for the third quarter of fiscal 2023. T
• $1.8 million — ncome – net includes interest income of $1.8 million for the third quarter of fiscal 2024 an
• $0.4 million — or the third quarter of fiscal 2024 and $0.4 million for the third quarter of fiscal 2023. T
• $8.2 million — st nine months of fiscal 2024 increased $8.2 million to $894.4 million from $886.2 million f
• $894.4 million — f fiscal 2024 increased $8.2 million to $894.4 million from $886.2 million for the first nine
• $886.2 million — sed $8.2 million to $894.4 million from $886.2 million for the first nine months of fiscal 202
• $319.4 million — nine months of fiscal 2024 increased to $319.4 million from $294.3 million for the first nine
• $294.3 million — l 2024 increased to $319.4 million from $294.3 million for the first nine months of fiscal 202
• $2.7 million — st nine months of fiscal 2024 decreased $2.7 million to $153.8 million from $156.5 million f

Filing Documents

• fizz20240127_10q.htm (10-Q) — 588KB
• ex_632183.htm (EX-31.1) — 11KB
• ex_632184.htm (EX-31.2) — 11KB
• ex_632185.htm (EX-32.1) — 4KB
• ex_632186.htm (EX-32.2) — 5KB
• 0001437749-24-006969.txt (&nbsp;) — 2757KB
• fizz-20240127.xsd (EX-101.SCH) — 23KB
• fizz-20240127_cal.xml (EX-101.CAL) — 40KB
• fizz-20240127_def.xml (EX-101.DEF) — 162KB
• fizz-20240127_lab.xml (EX-101.LAB) — 171KB
• fizz-20240127_pre.xml (EX-101.PRE) — 185KB
• fizz20240127_10q_htm.xml (XML) — 263KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Page Condensed Consolidated Balance Sheets as of January 27, 2024 and April 29, 2023 3 Condensed Consolidated Statements of Income for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended January 27, 2024 and January 28, 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 14

Controls and Procedures

Item 4. Controls and Procedures 14

- OTHER INFORMATION

PART II - OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 15

Exhibits

Item 6. Exhibits 15 Signature 16 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share data) January 27, April 29, 2024 2023 Assets Current assets: Cash and equivalents $ 276,961 $ 158,074 Trade receivables - net 101,731 104,918 Inventories 88,670 93,578 Prepaid and other assets 21,784 9,835 Total current assets 489,146 366,405 Property, plant and equipment - net 153,805 148,423 Right-of-use assets 56,929 39,506 Goodwill 13,145 13,145 Intangible assets 1,615 1,615 Other assets 5,240 5,248 Total assets $ 719,880 $ 574,342 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 73,310 $ 85,106 Accrued liabilities 45,413 47,318 Operating lease obligations 13,585 11,745 Income taxes payable 789 152 Total current liabilities 133,097 144,321 Deferred income taxes - net 24,889 19,814 Operating lease obligations 44,571 29,782 Other liabilities 7,102 7,938 Total liabilities 209,659 201,855 Shareholders' equity: Preferred stock, $ 1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued 150 150 Common stock, $ .01 par value - 200,000,000 shares authorized; 101,908,458 shares issued ( 101,727,658 shares at April 29) 1,019 1,017 Additional paid-in capital 41,738 40,393 Retained earnings 491,356 358,345 Accumulated other comprehensive income (loss) 191 ( 3,185 ) Treasury stock - at cost: Series C preferred stock - 150,000 shares ( 5,100 ) ( 5,100 ) Common stock - 8,374,112 shares ( 19,133 ) ( 19,133 ) Total shareholders' equity 510,221 372,487 Total liabilities and shareholders' equity $ 719,880 $ 574,342 See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share amounts) Three Months Ended Nine Months End

MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks (Power+ Brands) and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry. Traditional and typical are not a part of an innovator's vocabulary. Our strategy seeks the profitable growth of our products by (i) developing healthier beverages in response to the global shift in consumer buying habits and tailoring our beverage portfolio to the preferences of a diverse mix of crossover consumers' – a growing group desiring a healthier alternative to artificially sweetened and high-caloric beverages; (ii) emphasizing unique flavor development and variety throughout our brands that appeal to multiple demographic groups; (iii) maintaining points of difference through innovative marketing, packaging and consumer engagement and (iv) responding faster and more creatively to changing consumer trends than larger competitors who are burdened by legacy production and distribution complexity and costs. 11 Table of Contents The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks, and juices. Our portfolio of Power+ Brands includes LaCroix, LaCroix Crate, and LaCroix NiCola sparkling water beverages; Clear Fruit non-carbonated water beverages enhanced with fruit flavor; Rip It energy drinks and shots; and Everfresh, Everfresh Premier Varietals and Mr. Pure 100% juice and juice-based beverages. Additionally, we produce and distribute carbonated soft drinks including Shasta and Faygo, iconic brands whose consumer loyalty spans more than 130 years. Presently, our primary market foc

View Full Filing

View this 10-Q filing on SEC EDGAR