Business
The Vita Coco Company Reports Third Quarter 2024 Financial Results
Net Sales Decreased 4% to $133 million while Vita Coco Coconut Water Grew 8% Net Income Increased $4 million to $19 million and Non-GAAP Adjusted EBITDA1
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Net Sales Decreased 4% to $133 million while Vita Coco Coconut Water Grew 8% Net Income Increased $4 million to $19 million and Non-GAAP Adjusted EBITDA1 Decreased $4 million to $23 million Company Raises Full Year Guidance for Net Sales and Adjusted EBITDA2 NEW YORK, Oct. 30, 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 third quarter ended September 30, 2024. Third Quarter and Year-To-Date 2024 Highlights Compared to Prior Year Period Net sales declined 4% in the third quarter to $133 million resulting in year-to-date being flat at $389 million.Vita Coco Coconut Water net sales growth of 8% in the third quarter and 5% year-to-date.Gross profit was $52 million in the third quarter, a decrease of $5 million and $157 million year-to-date, an increase of $17 million.Gross margin was 39% of net sales in the third quarter compared to 41% of net sales, and 41% of net sales year-to-date as compared to 36% of net sales.Net income was $19 million in the third quarter compared to net income of $15 million, and year-to-date was $53 million compared to $40 million.Net income per diluted share was $0.32 in the third quarter compared to $0.26, and was $0.89 per diluted share year-to-date compared to $0.68.Non-GAAP Adjusted EBITDA1 for the third quarter was $23 million compared to $27 million and year-to-date was $76 million, compared to $60 million. Michael Kirban, the Company's Co-Founder and Executive Chairman, stated, \"I am very proud of our team and our performance during the third quarter. The coconut water category remains one of the fastest growing categories in the beverage aisle, and we believe this growth is being fueled by our focus as the category leader in driving increased household adoption and new consumption occasions. Our reduced inventory availability during most of the quarter limited our ability to meet consumer demand. With an improving inventory situation, I expect accelerated growth for the balance of the year. Based on our expectation for continued strong category growth in 2025, I could not be more excited for what is to come.\" Martin Roper, the Company’s Chief Executive Officer, said, “Our sales performance in the quarter was affected by our inventory flo...