SodaStream's Stock Falls After Sales Outlook Disappoints

Shares of SodaStream International slumped 1.9% in premarket trade Wednesday, after the maker of beverage carbonation systems beat recently lowered sales projections, but provided a downbeat outlook for the year. The company also unveiled a plan to boost growth, which includes the shutdown of its Mishor and Alon Tavor facilities. Sales fell to $125.9 million from $144.6 million a year ago. On Oct. 7, the company said it expected sales of $125 million, below consensus analyst expectations at the time of above $150 million. For 2014, the company said it expects sales to decline 9% from 2013's $562.7, while the FactSet consensus analyst estimate is for a rise to $584.7 million. Meanwhile, earnings fell to $9.5 million, or 45 cents a share, from $16.4 million, or 76 cents a share, a year earlier. Analysts were projecting earnings of 35 cents a share. Through Wednesday, the stock had dropped 20% since the company lowered its sales outlook earlier this month, and was down 56% year to date, compared with S&P 500 gains of 1% and 7.4%, respectively.