Vita Coco Turns To Profit In Q4, Results Top Estimates; Sees Growth In FY24; Stock Up In Pre-market

(RTTNews) - Vita Coco Co., Inc. (COCO), a provider of non-alcoholic beverages, reported Wednesday that its fourth-quarter net income was $7 million or $0.11 per share, compared to a net loss of $3 million or $0.05 per share a year ago.

Net sales increased 15 percent to $106 million from $92 million in the prior year, driven by strong 8 percent net sales growth and 3 percent volume growth of Vita Coco Coconut Water.

Analysts on average expected the company to report earnings of $0.08 per share on sales of $99.63 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2024, the company projects net sales to be between $495 million and $505 million, driven by healthy coconut water volume growth, offset by the loss of some of private label coconut oil business.

The Street is looking for sales of $503.27 million for the year.

Adjusted EBITDA for the year is expected to be between $74 million and $78 million.

In fiscal 2023, net sales were $494 million and adjusted EBITDA was $68 million.

In pre-market activity on Nasdaq, Vita Coco shares were gaining around 9.4 percent to trade at $24.53.

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