RTTNews | May 11, 2021 09:59AM EDT

09:58 Tuesday, May 11, 2021 (RTTNews.com) - Shares of Vital Farms Inc. (VITL) are rising over 9% Tuesday morning, after the company reported better-than-expected results for the first quarter. VITL, which has been trading in the range of $19.49 - $43.30 for the past one year, is currently trading at $22.08, up $1.93 or 9.58%, with trading volume of over 126K versus an average volume of 565K shares.

The company reported first-quarter net income of $3.5 million or $0.08 per share compared to $1.9 million or $0.05 per share last year. Net revenue for the quarter grew 23% to $58.5 million from $47.6 million a year ago, driven primarily by volume increases to the company's distributors and retail partners, and distribution gains in new and existing customers.

On average, 6 analysts polled by Thomson Reuters expected a loss of $0.01 per share on revenue of $56.36 million for the quarter. Analysts' estimate typically exclude certain special items.

FY21 Outlook

For fiscal 2021, the company continues to project net revenue in the range of $246 million - $253 million, which represents an increase of 15% - 18% compared to 2020. Six Wall Street analysts have a consensus revenue estimate of $250.34 million for the year 2021.

Further, the company raised its 2021 adjusted EBITDA forecast to a range of $7 million - $9 million, relative to prior guidance of $6 million - $8 million.

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