Business
The Vita Coco Company Reports Second Quarter 2022 Financial Results
Second Quarter Net Sales Increased +13% to $115 million; For The First Six Months, Net Sales grew +19% Gross Margin of 25% Represents a Sequential Improvement
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Second Quarter Net Sales Increased +13% to $115 million; For The First Six Months, Net Sales grew +19% Gross Margin of 25% Represents a Sequential Improvement of Over 500 Basis Points from the First Quarter Company Reaffirms Previously Communicated Net Sales and Adjusted EBITDA Guidance NEW YORK, Aug. 10, 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 second quarter ended June 30, 2022. Second Quarter 2022 Highlights Compared to Prior-Year Period Net sales grew 13% to $115 million driven by strong 21% growth of Vita Coco Coconut Water which continues to be the largest contributor to growth on a consolidated basis. Gross profit was $29 million, flat on a dollar basis, or 25% of net sales, representing a sequential improvement of over 500 basis points from the first quarter of 2022, compared to 28% of net sales in the prior-year period, with the decrease driven by higher year-over-year transportation costs. Net Income was negatively impacted by a non-cash mark-to-market loss in fair value on foreign currency hedges of $3 million versus a benefit from a gain of $5 million last year. Net income attributable to shareholders was $1 million, or $0.02 per diluted share for the second quarter of 2022, compared to net income of $8 million, or $0.15 per diluted share in the second quarter of 2021. Non-GAAP Adjusted EBITDA1 was $7 million compared to $10 million, down $3 million due to higher transportation and incremental public company costs. 2022 Year-To-Date Highlights Compared to Prior-Year Period Net sales grew 19% to $212 million driven by strong 28% growth of Vita Coco Coconut Water which continues to be the largest contributor to growth on a consolidated basis. Gross profit was $48 million, a decrease of $5 million, or 23% of net sales, compared to 30% of net sales in the prior-year period, with the decrease driven by higher year-over-year transportation costs. Net income attributable to shareholders was $3 million, or $0.06 per diluted share, compared to net income of $9 million, or $0.18 per diluted share in the prior year period. Non-GAAP Adjusted EBITDA1 was $4 million, compared to $16 million, with the decrease primarily driven by higher transportation and incremental ...