Vita Coco Q3 Profit Rises; Raises Full-year Sales Outlook; Stock Rises In Pre-market

(RTTNews) - The Vita Coco Company, Inc. (COCO), a plant-based hydration company, Wednesday reported net income of $19.25 million or $0.32 per share for the third quarter, higher than $15.16 million or $0.26 per share in the same quarter a year ago. The company also raised its full-year sales outlook. Its shares were trading more than 7 percent up in pre-market.

The company had unrealized gain on derivative instruments of $2.59 million in the latest quarter compared with loss of $3.96 million last year.

Sales for the quarter, however, declined to $132.91 million from $138.06 million in the previous year.

Looking forward, the company now expects full-year sales of $505 million - $515 million compared with the previous outlook of $500 million - $510 million.

Vita Coco stock had closed at $30.78, up 3.99 percent on Tuesday. It has traded in the rage of $19.41 - $31.42 in the last 1 year.