Vita Coco Q4 Net Loss Narrows; Revenue Beats, Earnings Miss

(RTTNews) - New York-headquartered non-alcoholic beverages business The Vita Coco Company, Inc. (COCO) on Wednesday reported lower loss for the fourth quarter ended December 31, 2022, amidst an increase in revenue. Though revenues exceeded expectations, earnings missed.

Net loss narrowed to $2.81 million or $0.05 per share, from $3.42 million or $0.06 per share loss in the year-ago period.

Six analysts polled by Thomson Reuters were expecting the company to report earnings of $0.05 per share. Analysts typically exclude one-time items.

EBITDA narrowed to a loss of $2.31 million, from a loss of $3.93 million in the fourth quarter of the prior-year period. On adjusted basis, EBITDA increased to $4.05 million, from $0.60 million in the year-ago period, primarily driven by the reduction in SG&A costs.

Net Sales increased 6 percent to $91.99 million, from $86.58 million in the fourth quarter of the prior-year period.

7 analysts polled by Thomson Reuters were expecting the company to report revenues of $90.86 million.

For the fiscal year 2023, the company expects net sales growth of approximately of 9-11% compared to fiscal year 2022. Vita Coco Coconut Water is expected to grow in mid-teens whereas Private Label net sales is seen approximately flat. The company forecasts Adjusted EBITDA in the range of $52 million to $58 million.

Shares of Vita Coco are currently trading in pre-market at $16.66, down $0.14 or 0.83 percent from the previous close.