SodaStream International Ltd. (NASDAQ: SODA) reported fourth-quarter and full-year 2012 results before markets opened this morning.

The home beverage carbonation system maker reported quarterly adjusted diluted earnings per share (EPS) $0.45 on revenues of $132.9 million. In the same period a year ago, SodaStream reported EPS of $0.32 on revenue of $85.7 million. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.39 and $121.54 million in revenue.

For the full year, SodaStream posted adjusted EPS of $2.39 on annual revenues of $436.3 million, up from EPS of $1.60 on revenues of $289 million in the same period a year ago. The consensus estimate called for EPS of $2.14 on revenues of $424.87 million.

The company’s CEO said:

Our efforts throughout 2012 to increase global awareness of our brand and category and expand our retail presence culminated in a very successful holiday season. For the first time ever we exceeded 1 million soda makers sold in a quarter, resulting in approximately 3.5 million soda makers for the year. Notably, U.S. sell-through of soda makers and consumables exceeded expectations, continuing our growth trajectory in the world’s biggest soda market.

The company guided full-year 2013 revenues to rise by 25% to around $545.75 million. Adjusted net income is also tabbed to rise by 25%, from $50 million in 2012 to around $62.5 million. SodaStream did not provide an EPS estimate, though based on around 21 million shares outstanding at the end of December, a back-of-the-envelope calculation suggests EPS of around $2.98 for 2013. The current consensus estimate calls for 2013 EPS of $2.74 on revenues of $510.19 million.

If there are any negatives in SodaStream’s results, they are gross margins and general and administrative expenses. Gross margins fell in the fourth quarter, from 57.3% a year ago to 53%. Expenses rose from $7.4 million to $10.2 million.

Clearly analysts were expecting more than SodaStream delivered, regardless of the fact that the company topped the consensus estimates. Shares are down 4.1% in premarket trading this morning at $50.26, in a 52-week range of $28.28 to $53.99. Thomson Reuters had a consensus analyst price target of around $54.40 before today’s results were announced.

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