Business
The Vita Coco Company Reports First Quarter 2023 Financial Results
First Quarter Net Sales Increased 14% to $110 million Driven by Vita Coco Coconut Water Growth of 17% on Strong Mid-teens Volume Growth First Quarter Gross
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"First Quarter Net Sales Increased 14% to $110 million Driven by Vita Coco Coconut Water Growth of 17% on Strong Mid-teens Volume Growth First Quarter Gross Margin of 31% Improving from 20% in the Prior Year First Quarter First Quarter Net Income of $7 million; First Quarter Non-GAAP Adjusted EBITDA1 of $9 million Increasing Full Year 2023 Guidance NEW YORK, May 03, 2023 (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, 2023. First Quarter 2023 Highlights Compared to Prior-Year Period Net sales grew 14% to $110 million driven by continued strong 17% growth of Vita Coco Coconut WaterVita Coco Coconut Water case equivalent (\"CE\") volumes increased 15% Gross profit increased $15 million to $34 million, or 30.7% of net sales, representing 77% growth from $19 million, or 19.8% of net salesNet income attributable to shareholders was $7 million, or $0.12 per diluted share, compared to net income attributable to shareholders of $2 million, or $0.04 per diluted shareNon-GAAP Adjusted EBITDA1 was income of $9 million compared to a loss of $3 millionOperating Cash Flow of $9 million with a cash balance at March 31, 2023 of $29 million Michael Kirban, the Company’s Co-Founder and Executive Chairman, stated, “I'm very excited that we have seen accelerating top line growth, improved service levels and a significant expansion in our gross margin as our logistics costs improve. I'm especially happy with our strong Vita Coco Coconut Water first quarter net sales growth of 17%, building on very strong brand performance in 2022. Our long-term ambition remains to create and maintain category leading brands in the broader better-for-you, functional beverage segment and to deliver long-term mid-teen percentage net sales growth. We see 2023 as a year where we expect to invest behind our opportunities to deliver this long-term vision. I am equally excited with the progress in our sustainability agenda as outlined in our recently released 2022 Impact Report, and by our recently announced Seedlings for Sustainability program to facilitate the planting of up to 10 million seedlings. Through this and other programs, I believe that we are making significant progress in our co...