Tallahassee, FL 11/11/11 (StreetBeat) -- SodaStream (Nasdaq: SODA) more than doubled its third-quarter net income as the company expanded the number of retailers selling its in-home carbonated-beverage machines."Our third quarter operating performance was the highest ever in the history of the company for sales and profitability," said CEO Daniel Birnbaum. "This was led by exceptional growth in the Americas, where we sold 267,000 soda makers, growing our installed base through an expanding network of retail partners."
Net income for the three months ending Sept. 30 totaled 7.8 million euros ($10.6 million), or 37 cents (50 cents) per share, compared with 6.2 million euros, or 49 cents per share last year. Analysts expected 35 cents per share. Revenue rose 41 percent to 58.3 million euros ($79.3 million) from 42 million euros last year. Analysts expected $74.7 million in revenue.
"As we approach the holiday season in the U.S. we will leverage our increased distribution, along with heightened brand awareness, allocating greater resources to penetrate additional households and capitalize on this large market opportunity," said CEO Daniel Birnbaum.
SodaStream raised its full-year outlook. It now expects revenue to rise 36 percent, compared with a prior 30 percent forecast, implying revenue of 218.6 million euros. It expects revenue to rise 24 percent in the fourth quarter.
Separately, SodaStream said it agreed to an exclusive distribution agreement in Brazil with Grupo M. Cassab. Terms were undisclosed. SodaStream products are expected to be available in that country during the first quarter.
Shares are currently trading at $32.90. The stock is up 8 percent since the beginning of the year.
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