Vita Coco Q2 Earnings Rise; Lifts Outlook; Stock Up In Pre-market

(RTTNews) - Vita Coco Company, Inc. (COCO) a coconut water distributor, on Wednesday reported higher earnings for the second quarter on strong sales growth. The company also raised its previous full-year earnings and revenue guidance.

Quarterly earnings rose to $18 million or $0.31 per share from $1 million or $0.02 per share for the same period of the previous year on strong sales growth and a decrease in transportation costs.

Six analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Consensus estimates typically exclude one-time items.

Adjusted EBITDA was $24 million compared to $7 million in the prior year.

Revenues increased 21 percent to $140 million from $115 million last year. The Street estimate for revenue was $129.32 million for the quarter.

Looking ahead to the full year, the company raised its outlook. It now expects Adjusted EBITDA in the range of $56-$60 million, up from the previous range of $54 to $59 million.

Revenue growth is expected to be around 10-12 percent compared to fiscal year 2022. It had foreseen revenue growth of approximately 9-12% compared to fiscal year 2022 earlier. The Street estimate is $478.09 million.

In pre-market activity, shares of Vita Coco are trading at $28.15 up 6.67% on Nasdaq