Business
The Vita Coco Company Reports Second Quarter 2023 Financial Results
Second Quarter Net Sales Increased 21% to $140MM; Year-To-Date Net Sales grew 18% Second Quarter Gross Margin of 37%, an Improvement of Over 1100 Basis Points
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Second Quarter Net Sales Increased 21% to $140MM; Year-To-Date Net Sales grew 18% Second Quarter Gross Margin of 37%, an Improvement of Over 1100 Basis Points Over 2022 Company Raises Full Year Net Sales, Gross Margin and Adjusted EBITDA Guidance NEW YORK, Aug. 02, 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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights Compared to Prior-Year Period Net sales grew by 21% to $140 million driven by strong 23% net sales growth and 19% volume growth of Vita Coco Coconut Water which continues to be the largest contributor to growth on a consolidated basis. Gross profit was $51 million, or 37% of net sales, representing a sequential improvement of over 500 basis points from the first quarter of 2023, compared to 25% of net sales in the prior-year period, with the improvement driven by lower year-over-year transportation costs, net sales growth and higher Vita Coco Coconut Water pricing. Net income was $18 million, or $0.31 per diluted share, compared to $1 million, or $0.02 per diluted share. Net income benefited from strong net sales growth and gross margin improvement resulting primarily from decreased transportation costs, partially offset by increased investments in sales, general and administrative (\"SG&A\"). Non-GAAP Adjusted EBITDA1 was $24 million compared to $7 million, up $17 million due to improvements in gross profit offset by increased SG&A spending. 2023 Year-To-Date Highlights Compared to Prior-Year Period Net sales grew 18% to $249 million driven by strong 20% net sales growth and 17% volume growth of Vita Coco Coconut Water which continues to be the largest contributor to growth on a consolidated basis. Gross profit was $85 million, or 34% of net sales, an increase of $36 million as compared to 23% of net sales in the prior-year period, with the increase driven primarily by lower year-over-year transportation costs, net sales growth and increased Vita Coco Coconut Water pricing. Net income attributable to shareholders was $25 million, or $0.42 per diluted share, compared to $3 million, or $0.06 per diluted share, in the prior-year period with the increase driven by strong net sales growth and gross ma...