Business
The Vita Coco Company Reports Third Quarter 2022 Financial Results
Net Sales of $124 Million, up 7% from Prior Year Driven by Strong 14% Growth of Vita Coco Coconut Water Gross Margin of 26.3% Represents Continued Sequential
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Net Sales of $124 Million, up 7% from Prior Year Driven by Strong 14% Growth of Vita Coco Coconut Water Gross Margin of 26.3% Represents Continued Sequential Improvement over 90 Basis Points from Prior Quarter Net Income was $7 Million, 5.9% of Net Sales, an Improvement of over 450 Basis Points from Prior Quarter Adjusted EBITDA1 was 9.5% of Net Sales, an Improvement of over 300 Basis Points from Prior Quarter NEW YORK, Nov. 09, 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 third quarter ended September 30, 2022. Third Quarter 2022 Highlights Compared to Prior Year Period Net sales grew 7% to $124 million driven by strong 14% growth of Vita Coco Coconut Water despite significant out-of-stocks on certain flavored coconut water SKUs and a negative foreign currency impact on our reported International net sales. Gross profit was $33 million, a decrease of $6 million, or 26% of net sales, representing a sequential improvement of over 90 basis points from the second quarter of 2022 and an improvement of 650 basis points from the first quarter, compared to 33% 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 $7 million, or $0.13 per diluted share, for the third quarter of 2022, compared to net income of $13 million, or $0.24 per diluted share, in the third quarter of 2021. Non-GAAP adjusted EBITDA1 was $12 million compared to $21 million, down $9 million due to higher transportation and ongoing incremental public company costs. 2022 Year-To-Date Highlights Compared to Prior Year Period Net sales grew 15% to $336 million driven by strong 22% growth of Vita Coco Coconut Water which continues to be the largest contributor to growth on a consolidated basis.Gross profit was $81 million, a decrease of $11 million, or 24% of net sales, compared to 31% 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 $11 million, or $0.19 per diluted share, compared to net income of $22 million, or $0.42 per diluted share, in the prior year period. Non-GAAP adjusted EBITDA1 was $16 million, com...