Business
The Vita Coco Company Reports Third Quarter 2021 Financial Results
Record Third Quarter Net Sales Increased 32.5% to $115.7 Million Income from Operations Increased 72.7% to $17.8 Million NEW YORK, Nov. 11, 2021 (GLOBE
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Record Third Quarter Net Sales Increased 32.5% to $115.7 Million Income from Operations Increased 72.7% to $17.8 Million NEW YORK, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the third quarter and first nine months ended September 30, 2021. Third Quarter 2021 Highlights Compared to Prior Year Period Net sales grew to $115.7 million, a 32.5% increaseGross profit increased to $38.5 million, or 33.3% of net salesIncome from Operations was up 72.7% to $17.8 millionGAAP Net income was $13.0 million, or $0.24 per diluted shareNon-GAAP Adjusted EBITDA1 increased 83.0% to $20.6 million First Nine Months 2021 Highlights Compared to Prior Year Period Net sales grew to $292.9 million, a 21.5% increaseGross profit increased to $91.6 million, or 31.3% of net salesIncome from Operations was up 10.5% to $29.7 millionGAAP Net income was $22.4 million, or $0.42 per diluted shareNon-GAAP Adjusted EBITDA1 increased 21.6% to $36.3 million Subsequent Events Initial public offering (“IPO”) completed in October 2021, with 11.5 million shares sold at $15.00 per share Michael Kirban, the Company’s co-Chief Executive Officer and Chairman, stated, “I’m extremely proud of our teams’ ability, once again, to deliver incredible results, especially in a challenging environment. I’m most excited about our accelerating leadership position in the high growth Coconut Water category and in our ability to bring new products and brands to consumers who are looking for healthy alternatives to conventional beverages. I want to recognize the effort of all our employees on accomplishing this and achieving a record quarter in net sales. Our top line growth continued to accelerate in the third quarter as compared to the first and second quarters of 2021 despite inventory challenges, with net sales growing 32% compared to the prior year period largely driven by our Americas segment. Looking forward, we plan to continue to prioritize growth by driving the Coconut Water category and meeting the expanding consumer demand for better-for-you natural and plant-based beverages. We believe we are well positioned to leverage our strong foundation and asset lite business model to propel future profitable growth and to meet this growing consumer dema...