Vita Coco Q1 Earnings Up, Better Than View; Raises Annual Revenue Outlook; Stock Rises In Pre-Market

(RTTNews) - The Vita Coco Company, Inc. (COCO), a provider of coconut water products, Wednesday reported net income of $14.24 million, or $0.24 per share for the first quarter, higher than $6.71 million, or $0.12 per share in the same quarter a year ago, primarily due to lower cost of goods sold. Earnings surpassed analysts' view. The company also raised its full-year sales outlook.

Vita Coco shares were up more than 4 percent in pre-market to $25.31.

Cost of goods sold was $64.52 million in the latest quarter compared with $76.1 million last year.

Sales for the quarter increased 2 percent year on year to $111.7 million.

On average, 9 analysts polled by Thomson-Reuters expected the company to report earnings of $0.17 per share on revenue of $111.76 million. Analysts' estimates typically exclude special items.

For the full year, Vita Coco now expects sales to be between $500 million and $510 million, up from the previous outlook of $495 million - $505 million. The consensus estimate stands at $503.42 million.

Vita Coco shares had closed at $24.24. down 3.39 percent on Tuesday. The stock has been trading in the range of $19.41 - $33.29 in the last 1 year.