Business
The Vita Coco Company Reports First Quarter 2022 Financial Results
First Quarter Net Sales Increased 28% to $96 Million Company On Pace to Achieve Fiscal Year 2022 Net Sales Growth Guidance of 16-20% NEW YORK, May 11, 2022
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"First Quarter Net Sales Increased 28% to $96 Million Company On Pace to Achieve Fiscal Year 2022 Net Sales Growth Guidance of 16-20% NEW YORK, May 11, 2022 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ: COCO) (\"Vita Coco\" or the \"Company\"), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the first quarter ended March 31, 2022. First Quarter 2022 Highlights Compared to Prior-Year Period Net sales grew 28% to $96 million driven by continued strong 38% growth of Vita Coco Coconut WaterGross profit was $19 million, or 20% of net sales, down from $24 million, or 32% of net sales primarily due to increased transportation costsNet income attributable to shareholders was $2 million, or $0.04 per diluted share, which benefited from a non-cash gain of $8.7 million from the mark-to-market changes in fair value on derivative instruments, compared to net income attributable to shareholders of $2 million, or $0.03 per diluted share in the first quarter of 2021Non-GAAP Adjusted EBITDA1 was a loss of $3 million compared to income of $6 million Michael Kirban, the Company’s Co-Founder and Executive Chairman, stated, “In the face of a challenging operating environment and global macro headwinds, we remain focused on growth as our top priority. Our flagship Vita Coco Coconut Water brand continues to gain share of the growing coconut water category and, according to IRI, the Vita Coco brand now commands 50% value share in tracked channels, up from 43% compared to a year ago2. Our household penetration has reached 11%, up approximately 170 basis points compared to a year ago according to data from Numerator, which represents approximately 2.4 million incremental households versus the prior year2. Given our strong consumer trends and distribution gains, we believe our brand can support further price increases which we are planning to implement in the remainder of 2022 and which, on an annualized basis, we believe in 2023 should fully offset the current transportation cost levels. We remain committed to fueling our Company’s long-term growth ambition through a combination of strong coconut water category growth, share gains in the broader premium, functional beverage segment through continued distribution gains and household penetration, and successful beverage innovations in coconu...