Vita Coco Company Q1 Earnings Improve On Higher Sales; Beat Estimates

(RTTNews) - The Vita Coco Company, Inc. (COCO) Wednesday posted net income of $6.71 million, or $0.12 per share for the first quarter, higher than $2.23 million, or $0.04 per share in the same quarter a year ago. The company's earnings beat analysts' view.

Sales for the quarter grew 14% to $109.76 million from $96.45 million last year, driven by strong volume growth.

Analysts on average polled by Thomson-Reuters were expecting earnings of $0.07 per share on revenue of $103.36 million for the quarter.

Looking forward, the company has raised its full-year net sales growth outlook to 9%-12% from 9%-11% provided earlier. Analysts expect the company to grow revenue by 10.4%.