SodaStream reported strong revenue growth in the third quarter, but the company’s Americas division was nearly flat for the three month period ended September 30.
Total revenue for the quarter was $139.8 million, up 12.5% from the comparable quarter the previous year. Western Europe accounted for much of the increase with sales in the Americas up 1.2%.
Net income in the quarter was up 32% and earnings per share grew to $0.87, up from $0.69 in the third quarter of 2016.
“We achieved record profitability in the third quarter fueled by broad-based growth in many of our markets combined with significant gross margin expansion,” said Daniel Birnbaum, CEO of SodaStream. “Our product, marketing and distribution strategies aimed at building a global sparkling water franchise continued to gain traction during the quarter as evidenced by the increase in gas refill units to an all-time record 8.4 million in the third quarter.”
Breaking down revenue by geography, Western Europe accounted for 60.6%; the Americas 21.6%; Asia-Pacific, 12.4%; and Central & Eastern Europe, Middle East and Africa, 5.4%.
By product type in units, sales of sparkling water maker starter kits were up 59,000, CO2 refills up 713,000 and flavors were down 368,000.