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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 (NASDAQ: COCO) will release its financial results for Q3 on November 9, 2022. The announcement includes details for an earnings call at 8:30 a.m. ET, where executives will discuss the quarterly performance. Founded in 2004, Vita Coco is recognized for its innovative beverage brands, including coconut water and protein-infused water, emphasizing sustainability.
This event provides investors a platform to gain insights into the company's financial standing and strategic direction.
The Vita Coco Company (NASDAQ: COCO) has partnered with HYROX to make PWR LIFT the official hydration sponsor for the 2022-2023 national HYROX events. PWR LIFT, a protein-infused beverage with 10 grams of whey protein and only 50 calories, will be available at U.S. HYROX races, assisting athletes in hydration and recovery. Key event dates include races in New York, Chicago, Dallas, and Los Angeles. The product aims to deliver effective hydration without sugar while promoting muscle growth and recovery post-exercise, making it a valuable resource for athletes.
The Vita Coco Company reported a 13% increase in second quarter net sales to $115 million, driven by strong demand for its coconut water. However, gross profit remained flat at $29 million with a gross margin of 25%, a decrease from 28% last year due to rising transportation costs. Net income fell to $1 million, or $0.02 per diluted share, compared to $8 million, or $0.15 per share, in the prior year. Guidance for 2022 remains intact, with expectations of net sales between $440-455 million and adjusted EBITDA of $27-32 million.
The Vita Coco Company (NASDAQ: COCO) will report its financial results for Q1 ending June 30, 2022, on August 10, 2022, before market open. A conference call to discuss these results will occur at 8:30 a.m. ET on the same day, with registration required for participation. Founded in 2004, Vita Coco is a leader in the functional beverage sector, offering products like coconut water and clean energy drinks. The company aims to balance purpose and profit, catering to evolving consumer preferences.
Vita Coco (NASDAQ: COCO) is launching the World’s Biggest Coconut experience in Dallas from July 22-24, 2022, to promote its new Coconut Juice. This large-scale event features a giant inflatable coconut, local food trucks, games, and complimentary samples of the new drink. Vita Coco Coconut Juice, available in Original with Pulp and Mango flavors, is marketed as a refreshing beverage priced at $2.49 per 16.9 oz. can. The event aims to enhance brand visibility and engage local consumers in a fun summer atmosphere.
Diageo and Vita Coco have teamed up to launch Vita Coco Spiked with Captain Morgan, a line of premium canned cocktails. This collaboration combines Captain Morgan's spiced rum with Vita Coco's coconut water. The cocktails will feature three flavors: Piña Colada, Strawberry Daiquiri, and Lime Mojito, each with 5% ABV and sold in 12oz cans for $14.99 per 4-pack. The launch comes as the U.S. market sees a 269% growth in rum-based cocktails, indicating strong consumer demand for convenient, quality beverages.
The Vita Coco Company (NASDAQ: COCO) announces the departure of CFO Kevin Benmoussa, effective August 31, to pursue new opportunities. Benmoussa has been instrumental in the company's growth since 2018, supporting the initial public offering in October 2021. The company will conduct a search for his replacement. CEO Mike Kirban praised Benmoussa's contributions during his tenure, particularly during the challenges posed by the pandemic. The Vita Coco Company is recognized for its healthier beverage brands.
The Vita Coco Company has appointed Aishetu Fatima Dozie to its board of directors, effective June 1, 2022. With over 20 years in finance and entrepreneurship, Dozie brings valuable expertise to the board. The move aligns with the company’s objective to create a purpose-driven beverage brand. Co-Founder Mike Kirban expressed enthusiasm for her joining, highlighting her entrepreneurial success. Dozie, also the CEO of Bossy Cosmetics, has extensive experience in investment banking and a strong educational background from Cornell and Harvard.
Vita Coco (NASDAQ: COCO) has launched its first juice offering, Vita Coco Coconut Juice, available from June 2, 2022. This new product combines coconut water with bold flavors, offered in Original with Pulp and Mango varieties. Each 16.9 oz can contains 50 calories for the Original and 80 calories for the Mango variant. The drink is gluten-free, non-GMO, and targets consumers seeking a refreshing beverage for the summer. Retailing at $2.49 per can, it aims to expand Vita Coco's market reach while promoting a unique taste experience.
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