Business
The Vita Coco Company Reports Second Quarter 2024 Financial Results
Net Sales Increased 3% to $144 million with Vita Coco Coconut Water Growth of 4% Net Income Increased $1 million to $19 million and Non-GAAP Adjusted EBITDA1
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Net Sales Increased 3% to $144 million with Vita Coco Coconut Water Growth of 4% Net Income Increased $1 million to $19 million and Non-GAAP Adjusted EBITDA1 Increased $8 million to $32 million Circana US scan data MULO+C, Vita Coco Coconut Water grew 14% Company Reaffirms Full Year Guidance Expects Net Revenue between $500-$510 million and Adjusted EBITDA2 between $76-$82 million NEW YORK, July 31, 2024 (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, 2024. Second Quarter and Year-To-Date 2024 Highlights Net sales grew 3% in the second quarter to $144 million and 3% year-to-date to $256 million.Vita Coco Coconut Water net sales growth of 4% in the second quarter and 3% year-to-date.Gross profit was $59 million in the second quarter, an increase of $8 million and $106 million year-to-date, an increase of $21 million.Gross Margin was 41% of net sales in the second quarter compared to 37% of net sales, and 41% of net sales year-to-date as compared to 34% of net sales.Net income was $19 million, in the second quarter compared to net income of $18 million, and year-to-date was $33 million compared to $25 million.Net income per diluted share was $0.32 in the second quarter compared to $0.31, and was $0.57 per diluted share year-to-date compared to $0.42.Non-GAAP Adjusted EBITDA1 was $32 million compared to $24 million for the second quarter. Year-to-date Non-GAAP Adjusted EBITDA1 was $53 million, compared to $33 million. Michael Kirban, the Company’s Co-Founder and Executive Chairman, stated, “I am very proud of our team and the strong financial performance that we delivered in the second quarter. Our focus and investment to expand consumption occasions for coconut water contributed to strong performance for the category and for our flagship Vita Coco Coconut Water brand, which year-to-date has grown 11% in dollar sales in Circana US MULO+C measured channels. Importantly, during the quarter, we saw growth rate acceleration in the US retail scan data for our brand which grew 14%. The organization's ability to drive brand growth through strong retail execution and creative marketing programs, while continuing to improve profitability and cash generation at...