Welcome to our dedicated page for The Vita Coco Company news (Ticker: COCO), a resource for investors and traders seeking the latest updates and insights on The Vita Coco Company stock.
The Vita Coco Company, Inc. (NASDAQ: COCO) is a pioneering force in the functional beverage industry, renowned for its flagship product, Vita Coco Coconut Water. Since its inception in 2004, the company has revolutionized the beverage market by introducing coconut water as a mainstream, premium lifestyle drink. Today, Vita Coco is a global brand with a presence in over 30 countries, celebrated for providing delicious, electrolyte-rich hydration.
Headquartered in New York City, The Vita Coco Company has diversified its product range to include coconut oil, coconut milk, and sparkling coconut water. In addition to Vita Coco, the company's product portfolio features several other brands such as Runa, a clean energy drink; Ever & Ever, a sustainable enhanced water; and PWR LIFT, a protein-infused water. These product offerings cater to a broad spectrum of consumer needs, from hydration and nutrition to wellness and fitness.
The company's commitment to environmental and social initiatives is demonstrated through The Vita Coco Project, launched in 2014. This project aims to support and empower coconut sourcing communities by distributing seedlings and trees, training farmers in regenerative agriculture, and constructing educational facilities. A recent partnership with Brazilian environmental nonprofit Apremavi underscores the company's dedication to global reforestation and biodiversity protection.
Despite its impressive growth, The Vita Coco Company remains true to its entrepreneurial roots, fostering a 'can-do' culture that continually seeks to unlock the full potential of the coconut. Financially, the company has shown robust performance, with a 15% net sales growth and a net income of $47 million in 2023. Its strategic initiatives and strong retail execution have driven category and brand growth, positioning the company for continued success in the years ahead.
To learn more about The Vita Coco Company and its commitment to creating healthier and more sustainable beverage options, visit vitacoco.com.
The Vita Coco Company has released its second annual Impact Report, titled Cultivating Change; Growing Good: Our 2022 Impact Report, detailing its environmental and social initiatives. The report highlights efforts in protecting natural resources, including distributing over 22,956 seedlings and training 1,050 farmers in regenerative practices. It also includes the construction of three classrooms, positively affecting over 71,000 people, and the donation of over 8.75 million meals to combat food insecurity. Additionally, the Company launched a new transparency initiative on its website, allowing consumers to learn more about its farming practices. As a public benefit corporation, Vita Coco aims to balance business success with social responsibility.
The Vita Coco Company reported a 13% increase in net sales for 2022, reaching $428 million, primarily driven by an 18% growth in Vita Coco Coconut Water. The fourth quarter net sales grew by 6% to $92 million, slightly exceeding expectations. However, gross profit fell to $103 million, down from $113 million, due to rising transportation costs. The company recorded a net income of $8 million, down from $19 million the previous year. For 2023, guidance includes a net sales growth of 9-11% and an Adjusted EBITDA forecast of $52-$58 million, anticipating improvements in costs and margins as supply chain issues ease.
The Vita Coco Company (NASDAQ: COCO) has appointed Corey Baker as its new Chief Financial Officer, effective immediately upon filing the Company’s Annual Report on Form 10-K. Baker brings over 16 years of experience from PepsiCo, where he led global finance teams and supported strategic initiatives. He will oversee all finance functions, including treasury, investor relations, and accounting. Baker's appointment follows the interim service of Rowena Ricalde, who is now Chief Accounting Officer. The Company aims to leverage Baker’s expertise to enhance its financial strategy and performance.
The Vita Coco Company (NASDAQ: COCO) announced it will release its fourth quarter financial results for the period ending December 31, 2022, on March 8, 2023, before market open. A conference call will follow at 8:30 a.m. ET that same day to present the results and address questions. Vita Coco, a leader in the better-for-you beverage sector, operates brands like Vita Coco coconut water and Runa clean energy. The company was co-founded by Michael Kirban and Ira Liran in 2004, and is recognized as a Certified B Corporation™.
Vita Coco (NASDAQ: COCO) is launching The Hangover Shop™ on February 13, 2023, partnering with DoorDash to provide free hangover remedies for DashPass members nationwide. Following a successful pilot in select markets, this nationwide offer includes up to $15 off on hangover essentials such as Vita Coco coconut water, snacks, and over-the-counter remedies. The initiative aims to alleviate the productivity drop many face on 'National Football Hangover Day,' coinciding with the Super Bowl aftermath. This strategic partnership not only highlights Vita Coco's brand but also showcases its commitment to innovative consumer engagement.
The Vita Coco Company (NASDAQ: COCO) has launched a new milk alternative, Vita Coco Barista MLK, exclusively at Alfred Coffee locations in Los Angeles, San Francisco, and Austin. This gluten-free, dairy-free, soy-free, and non-GMO product is made from coconut water and cream, developed with baristas for optimal coffee pairing. Consumers can enjoy the limited-time Coconut Date Shake Latte, available from January 30 to March 12, 2023. The collaboration enhances Vita Coco's non-dairy offerings and caters to a growing demand for plant-based milk options.
The Vita Coco Company (NASDAQ: COCO) announced its participation in the 25th Annual ICR Conference from January 9-11, 2023, in Orlando, Florida. Co-founder Michael Kirban and CEO Martin Roper will engage in a fireside chat on January 10, 2023, at 12:00 p.m. Eastern Time. Investors can access the live webcast in the 'Events' section of the Company’s Investor Relations website, with an archived replay available post-event. Founded in 2004, Vita Coco is a leader in the functional beverage space, offering products like coconut water and clean energy drinks.
The Vita Coco Company (NASDAQ: COCO) reported Q3 2022 net sales of $124 million, a 7% increase year-over-year, driven by a 14% growth in Vita Coco Coconut Water. Gross margin improved to 26.3%, albeit down from 33% a year earlier, while net income was $7 million (or $0.13 per diluted share), reflecting a decline from $13 million in Q3 2021. The company revised its full-year outlook, expecting net sales between $422-427 million, with continued pressure from transportation costs.
FAQ
What is the current stock price of The Vita Coco Company (COCO)?
What is the market cap of The Vita Coco Company (COCO)?
What products does The Vita Coco Company offer?
Where is The Vita Coco Company headquartered?
What is The Vita Coco Project?
How has The Vita Coco Company performed financially recently?
Who are the founders of The Vita Coco Company?
In how many countries is Vita Coco available?
What are some recent initiatives by The Vita Coco Company?
What is the company's commitment to sustainability?
