- SodaStream International's third-quarter profit plunged 76% to $2.2 million from $9.5 million the year before, due to currency issues and $2 million in restructuring costs that the company did not disclose in the year-earlier period.
- Revenue sank 13% to $110 million, though Wall Street estimates expected $112 million. This fall in revenue has been a consistent pattern for SodaStream, which has posted decreases for the last several quarters, including a 29% decline in the second quarter.
- "Our operating results were similar to the year ago period on a constant currency basis as the growth plan we announced a year ago continues to gain traction," CEO Daniel Birnbaum said in a statement.
As one area for growth for SodaStream, CO2 refills for the quarter jumped 10% to a record 7 million, which Birnbaum said was "a great indication that our global user base is increasing consumption."
SodaStream is in the middle of a major rebranding campaign to be the world's leading at-home sparkling water maker rather than an at-home soda machine. In an interview with Bloomberg, Birnbaum called sparkling water "the future of beverage" and welcomed competition from larger soda brands, which he feels can draw more attention to the at-home carbonated beverage trend.
"We believe usage rates will continue to grow as existing and new consumers embrace our repositioning as a healthy water brand," Birnbaum said.
At the same time, in September, PepsiCo announced an expansion of its distribution agreement with SodaStream. SodaStream will sell Pepsi and Sierra Mist caps for its machines on the SodaStream website and in Bed Bath & Beyond Inc. stores in the U.S.