The Vita Coco Company Reports Third Quarter 2024 Financial Results
Vita Coco Company (NASDAQ:COCO) reported Q3 2024 financial results with net sales decreasing 4% to $133 million, while Vita Coco Coconut Water grew 8%. Net income increased by $4 million to $19 million, with earnings per diluted share of $0.32. Gross margin was 39% compared to 41% in the prior year period. The company raised its full-year guidance, expecting net sales between $505-515 million and adjusted EBITDA of $80-84 million. Sales performance was affected by inventory flow issues due to ocean freight container shortages, though inventory situations improved by late September.
Vita Coco Company (NASDAQ:COCO) ha riportato i risultati finanziari del terzo trimestre 2024, con vendite nette in calo del 4% a 133 milioni di dollari, mentre la vendita dell'acqua di cocco Vita Coco è aumentata dell'8%. L'utile netto è aumentato di 4 milioni di dollari, raggiungendo 19 milioni di dollari, con utili per azione diluiti di 0,32 dollari. Il margine lordo si è attestato al 39% rispetto al 41% nello stesso periodo dell'anno precedente. L'azienda ha alzato le sue previsioni per l'intero anno, prevedendo vendite nette tra 505 e 515 milioni di dollari e un EBITDA rettificato di 80-84 milioni di dollari. Le prestazioni di vendita sono state influenzate da problemi di flusso di inventario a causa della carenza di container per il trasporto marittimo, sebbene la situazione dell'inventario sia migliorata entro la fine di settembre.
Vita Coco Company (NASDAQ:COCO) reportó los resultados financieros del tercer trimestre de 2024, con ventas netas disminuyendo un 4% a 133 millones de dólares, mientras que el agua de coco Vita Coco creció un 8%. El ingreso neto aumentó en 4 millones de dólares, alcanzando 19 millones de dólares, con ganancias por acción diluida de 0,32 dólares. El margen bruto fue del 39% en comparación con el 41% del mismo período del año anterior. La compañía elevó su pronóstico para todo el año, esperando ventas netas entre 505 y 515 millones de dólares y un EBITDA ajustado de 80-84 millones de dólares. El rendimiento de las ventas se vio afectado por problemas en el flujo de inventario debido a la escasez de contenedores de carga marítima, aunque la situación del inventario mejoró a finales de septiembre.
비타 코코 컴퍼니 (NASDAQ:COCO)는 2024년 3분기 재무 결과를 보고했으며, 순매출은 4% 감소하여 1억 3천 3백만 달러에 달했고, 비타 코코 코코넛 워터는 8% 성장했습니다. 순이익은 400만 달러 증가하여 1천 9백만 달러에 도달했으며, 희석 주당 이익은 0.32 달러입니다. 총 마진은 39%로, 지난해 같은 기간의 41%와 비교됩니다. 회사는 연간 가이던스를 상향 조정하여 순매출을 5억 5백만에서 5억 1천5백만 달러로 예상하고 조정된 EBITDA는 8천만에서 8천4백만 달러로 예상하고 있습니다. 판매 실적은 해상 화물 컨테이너 부족으로 인해 재고 흐름 문제에 영향을 받았으나, 9월 말경에는 재고 상황이 개선되었습니다.
Vita Coco Company (NASDAQ:COCO) a annoncé les résultats financiers du troisième trimestre 2024, avec des ventes nettes en baisse de 4 % à 133 millions de dollars, tandis que l'eau de coco Vita Coco a connu une hausse de 8 %. Le bénéfice net a augmenté de 4 millions de dollars pour atteindre 19 millions de dollars, avec un bénéfice par action dilué de 0,32 dollar. La marge brute était de 39 % contre 41 % au cours de la même période l'année précédente. L'entreprise a rehaussé ses prévisions pour l'année entière, s'attendant à des ventes nettes entre 505 et 515 millions de dollars et un EBITDA ajusté de 80 à 84 millions de dollars. La performance des ventes a été affectée par des problèmes d'écoulement des stocks dus à une pénurie de conteneurs de fret maritime, bien que la situation des stocks se soit améliorée fin septembre.
Vita Coco Company (NASDAQ:COCO) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, wobei die Nettoumsätze um 4% auf 133 Millionen US-Dollar gesunken sind, während Vita Coco Kokoswasser um 8% gewachsen ist. Der Nettogewinn stieg um 4 Millionen US-Dollar auf 19 Millionen US-Dollar, mit einem verwässerten Gewinn pro Aktie von 0,32 US-Dollar. Die Bruttomarge betrug 39% im Vergleich zu 41% im Vorjahreszeitraum. Das Unternehmen erhöhte seine Jahresprognose und erwartet Nettoumsätze zwischen 505 und 515 Millionen US-Dollar sowie ein bereinigtes EBITDA von 80-84 Millionen US-Dollar. Die Verkaufsleistung wurde durch Probleme im Warenfluss aufgrund von Engpässen bei Seefrachtcontainern beeinträchtigt, obwohl sich die Bestandslage bis Ende September verbesserte.
- Net income increased by $4 million to $19 million
- Vita Coco Coconut Water sales grew 8% in Q3
- EPS improved from $0.26 to $0.32
- Strong cash position with $157 million in cash and no debt
- Company raised full-year guidance for net sales and adjusted EBITDA
- Overall net sales declined 4% to $133 million
- Gross margin decreased from 41% to 39%
- Adjusted EBITDA decreased by $4 million to $23 million
- Supply chain constraints affecting private label water volumes
- Rising ocean freight costs expected to adversely affect Q4 gross margins
Insights
The Q3 results present a mixed picture with some concerning trends but overall stable performance. Net sales declined -4% to
Key positives include net income growth of
However, gross margins declined from
The logistics challenges facing Vita Coco highlight broader industry supply chain pressures. The container availability issues that constrained inventory flow represent a significant operational bottleneck that directly impacted sales performance. While late September showed improvements in product flow, the company's warning about Q4 gross margin pressure from ocean freight costs suggests ongoing supply chain volatility.
The reduction in private label oil sales and water volumes due to supply constraints indicates vulnerability in the company's logistics network. However, maintaining profitability despite these headwinds demonstrates effective cost management and pricing power. The inventory position of
Net Sales Decreased
Net Income Increased
Company Raises Full Year Guidance for Net Sales and Adjusted EBITDA2
NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO) (“Vita Coco” or “the Company”), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the third quarter ended September 30, 2024.
Third Quarter and Year-To-Date 2024 Highlights Compared to Prior Year Period
- Net sales declined
4% in the third quarter to$133 million resulting in year-to-date being flat at$389 million . - Vita Coco Coconut Water net sales growth of
8% in the third quarter and5% year-to-date. - Gross profit was
$52 million in the third quarter, a decrease of$5 million and$157 million year-to-date, an increase of$17 million . - Gross margin was
39% of net sales in the third quarter compared to41% of net sales, and41% of net sales year-to-date as compared to36% of net sales. - Net income was
$19 million in the third quarter compared to net income of$15 million , and year-to-date was$53 million compared to$40 million . - Net income per diluted share was
$0.32 in the third quarter compared to$0.26 , and was$0.89 per diluted share year-to-date compared to$0.68 . - Non-GAAP Adjusted EBITDA1 for the third quarter was
$23 million compared to$27 million and year-to-date was$76 million , compared to$60 million .
Michael Kirban, the Company's Co-Founder and Executive Chairman, stated, "I am very proud of our team and our performance during the third quarter. The coconut water category remains one of the fastest growing categories in the beverage aisle, and we believe this growth is being fueled by our focus as the category leader in driving increased household adoption and new consumption occasions. Our reduced inventory availability during most of the quarter limited our ability to meet consumer demand. With an improving inventory situation, I expect accelerated growth for the balance of the year. Based on our expectation for continued strong category growth in 2025, I could not be more excited for what is to come."
Martin Roper, the Company’s Chief Executive Officer, said, “Our sales performance in the quarter was affected by our inventory flow, which was lower than we had planned due to the difficulty in obtaining ocean freight containers that started in the second quarter. We are pleased that we have weathered these shortages and, in late September, saw our product flow and availability in market improving. Based on continued strong category growth and improved inventory levels, we are raising our full year guidance for net sales and adjusted EBITDA."
Third Quarter 2024 Consolidated Results
Net sales decreased
Gross profit was
Selling, general and administrative ("SG&A") expenses in the third quarter of 2024 were
Net income was
Non-GAAP Adjusted EBITDA1 for the third quarter of 2024 was
Balance Sheet
As of September 30, 2024, the Company had cash and cash equivalents of
On October 30, 2023, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to
Fiscal Year 2024 Full Year Outlook
The Company is raising its full year guidance for net sales and adjusted EBITDA:
- Expect 2024 net sales to be between
$505 million and$515 million , with projected Vita Coco Coconut Water and private label coconut water volume growth, being offset by expected decreases in private label coconut oil business and price/mix effects. - Full year gross margin expected to be between
37% and39% , with recent increases on certain ocean freight routes expected to adversely affect gross margins in the fourth quarter. - SG&A expenses expected to be flat to slightly down versus 2023.
- Forecasting adjusted EBITDA in the range of
$80 million to$84 million .2
Uncertainty and instability of the current operating environment, global economies, and geopolitical landscape could affect this outlook and our future results.
Footnotes:
(1) Adjusted EBITDA represents earnings before interest, taxes, depreciation, and amortization as adjusted for certain items as set forth in the reconciliation table of U.S. GAAP to non-GAAP information and is a measure calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Non-GAAP Financial Measures herein for further discussion and reconciliation of this measure to GAAP measures.
(2) GAAP Net Income 2024 outlook is not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
Conference Call and Webcast Details
The Vita Coco Company will host a conference call and webcast at 8:30 a.m. ET today to discuss these results. To participate in the live earnings call and question and answer session, please register at https://register.vevent.com/register/BIeece4f80fe3a40e8a082f9df6582c25c and dial-in information will be provided directly to you. A slide presentation to support the webcast, and the live audio webcast will be accessible in the “Events” section of the Company’s Investor Relations website at https://investors.thevitacococompany.com. An archived replay of the webcast will be available shortly after the live event has concluded.
About The Vita Coco Company
The Vita Coco Company is a family of brands on a mission to reimagine what’s possible when brands deliver healthy, nutritious, and great tasting products that are better for consumers and better for the world. This includes its flagship coconut water brand Vita Coco, sustainably packaged water Ever & Ever, and protein-infused water PWR LIFT. The Company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company’s portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, in smoothies, as a cocktail mixer, after a night out, and more.
Contacts
Investor Relations:
ICR, Inc.
investors@thevitacococompany.com
Non-GAAP Financial Measures
In addition to disclosing results determined in accordance with U.S. GAAP, the Company also discloses certain non-GAAP results of operations, including, but not limited to, Adjusted EBITDA, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. These non-GAAP measures are a key metric used by management and our board of directors to assess our financial performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance and because we believe it is useful for investors to see the measures that management uses to evaluate the Company. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance, our strategy, projected costs, prospects, expectations, plans, objectives of management, supply chain predictions, customer and supplier relationships, and expected net sales and category share growth.
The forward-looking statements in this release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control. These factors include, but are not limited to, those discussed under the caption “Risk Factors” in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the U.S. Securities and Exchange Commission ("SEC") as such factors may be updated from time to time and which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at https://investors.thevitacococompany.com. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Website Disclosure
We intend to use our websites, vitacoco.com and investors.thevitacococompany.com, as a means for disclosing material non-public information and for complying with the SEC's Regulation FD and other disclosure obligations.
THE VITA COCO COMPANY, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | |||||||
September 30, 2024 | December 31, 2023 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 156,706 | $ | 132,537 | |||
Accounts receivable, net of allowance of | 78,600 | 50,086 | |||||
Inventory | 64,905 | 50,757 | |||||
Supplier advances, current | 1,265 | 1,521 | |||||
Derivative assets | 1,299 | 3,876 | |||||
Prepaid expenses and other current assets | 27,986 | 24,160 | |||||
Total current assets | 330,761 | 262,937 | |||||
Property and equipment, net | 2,440 | 2,136 | |||||
Goodwill | 7,791 | 7,791 | |||||
Supplier advances, long-term | 2,732 | 2,820 | |||||
Deferred tax assets, net | 6,756 | 6,749 | |||||
Right-of-use assets, net | 648 | 1,406 | |||||
Other assets | 2,019 | 1,843 | |||||
Total assets | $ | 353,147 | $ | 285,682 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 31,253 | $ | 21,826 | |||
Accrued expenses and other current liabilities | 64,908 | 59,533 | |||||
Notes payable, current | 10 | 13 | |||||
Derivative liabilities | 4,533 | 1,213 | |||||
Total current liabilities | 100,704 | 82,585 | |||||
Notes payable, long-term | 5 | 13 | |||||
Other long-term liabilities | 318 | 647 | |||||
Total liabilities | $ | 101,027 | $ | 83,245 | |||
Stockholders’ equity: | |||||||
Common stock, | 635 | 631 | |||||
Additional paid-in capital | 169,736 | 161,414 | |||||
Retained earnings | 153,324 | 100,742 | |||||
Accumulated other comprehensive loss | 156 | (649 | ) | ||||
Treasury stock, 6,740,446 shares at cost as of September 30, 2024, and 6,236,200 shares at cost as of December 31, 2023. | (71,731 | ) | (59,701 | ) | |||
Total stockholders’ equity | 252,120 | 202,437 | |||||
Total liabilities and stockholders’ equity | $ | 353,147 | $ | 285,682 | |||
THE VITA COCO COMPANY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net sales | $ | 132,906 | $ | 138,064 | $ | 388,720 | $ | 387,468 | |||||||
Cost of goods sold | 81,344 | 81,893 | 231,244 | 246,542 | |||||||||||
Gross profit | 51,562 | 56,171 | 157,476 | 140,926 | |||||||||||
Operating expenses | |||||||||||||||
Selling, general and administrative | 30,967 | 32,649 | 87,941 | 89,855 | |||||||||||
Income (Loss) from operations | 20,595 | 23,522 | 69,535 | 51,071 | |||||||||||
Other income (expense) | |||||||||||||||
Unrealized gain/(loss) on derivative instruments | 2,592 | (3,959 | ) | (5,896 | ) | (1,758 | ) | ||||||||
Foreign currency gain/(loss) | 550 | (1,211 | ) | 472 | (430 | ) | |||||||||
Interest income | 1,876 | 824 | 5,026 | 1,105 | |||||||||||
Interest expense | — | (1 | ) | — | (31 | ) | |||||||||
Total other income (expense) | 5,018 | (4,347 | ) | (398 | ) | (1,114 | ) | ||||||||
Income before income taxes | 25,613 | 19,175 | 69,137 | 49,957 | |||||||||||
Income tax expense | (6,362 | ) | (4,011 | ) | (16,555 | ) | (10,101 | ) | |||||||
Net income | $ | 19,251 | $ | 15,164 | $ | 52,582 | $ | 39,856 | |||||||
Net income per common share | |||||||||||||||
Basic | $ | 0.34 | $ | 0.27 | $ | 0.93 | $ | 0.71 | |||||||
Diluted | $ | 0.32 | $ | 0.26 | $ | 0.89 | $ | 0.68 | |||||||
Weighted-average number of common shares outstanding | |||||||||||||||
Basic | 56,769,410 | 56,493,757 | 56,688,362 | 56,290,195 | |||||||||||
Diluted | 59,314,805 | 59,271,757 | 59,099,179 | 58,494,045 | |||||||||||
THE VITA COCO COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) | |||||||
Nine Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 52,582 | $ | 39,856 | |||
Adjustments required to reconcile net income to cash flows from operating activities: | |||||||
Depreciation and amortization | 540 | 503 | |||||
(Gain)/loss on disposal of equipment | 13 | 19 | |||||
Bad debt expense | (665 | ) | 255 | ||||
Unrealized (gain)/loss on derivative instruments | 5,896 | 1,758 | |||||
Stock-based compensation | 6,649 | 7,126 | |||||
Impairment loss on assets held for sale | — | 363 | |||||
Noncash lease expense | 764 | 966 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (26,910 | ) | (37,234 | ) | |||
Inventory | (13,974 | ) | 33,815 | ||||
Prepaid expenses, net supplier advances, and other assets | (2,585 | ) | 5,215 | ||||
Accounts payable, accrued expenses, and other liabilities | 13,667 | 17,361 | |||||
Net cash provided by (used in) operating activities | 35,977 | 70,003 | |||||
Cash flows from investing activities: | |||||||
Cash paid for property and equipment | (849 | ) | (533 | ) | |||
Proceeds from sale of property and equipment | — | 5 | |||||
Net cash used in investing activities | (849 | ) | (528 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock awards | 1,676 | 5,915 | |||||
Cash paid on notes payable | (10 | ) | (18 | ) | |||
Cash paid to acquire treasury stock | (12,030 | ) | — | ||||
Net cash provided by (used in) financing activities | (10,364 | ) | 5,897 | ||||
Effects of exchange rate changes on cash and cash equivalents | 333 | 212 | |||||
Net increase/(decrease) in cash and cash equivalents | 25,097 | 75,584 | |||||
Cash, cash equivalents and restricted cash at beginning of the period (1) | 132,867 | 19,629 | |||||
Cash, cash equivalents and restricted cash at end of the period (1) | 157,964 | 95,213 | |||||
1 Includes
RECONCILIATION FROM GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands) | (in thousands) | ||||||||||||||
Net income | 19,251 | 15,164 | $ | 52,582 | $ | 39,856 | |||||||||
Depreciation and amortization | 196 | 163 | 540 | 503 | |||||||||||
Interest income | (1,876 | ) | (824 | ) | (5,026 | ) | (1,105 | ) | |||||||
Interest expense | — | 1 | — | 31 | |||||||||||
Income tax expense | 6,362 | 4,011 | 16,555 | 10,101 | |||||||||||
EBITDA | 23,933 | 18,515 | 64,651 | 49,386 | |||||||||||
Stock-based compensation (a) | 2,141 | 2,862 | 6,649 | 7,126 | |||||||||||
Unrealized (gain)/loss on derivative instruments (b) | (2,592 | ) | 3,959 | 5,896 | 1,758 | ||||||||||
Foreign currency (gain)/loss (b) | (550 | ) | 1,211 | (472 | ) | 430 | |||||||||
Secondary Offering Costs (c) | — | — | (324 | ) | 856 | ||||||||||
Other adjustments (d) | — | 329 | — | 329 | |||||||||||
Adjusted EBITDA | $ | 22,932 | $ | 26,876 | $ | 76,400 | $ | 59,885 | |||||||
(a) Non-cash charges related to stock-based compensation, which vary from period to period depending on volume and vesting timing of awards and forfeitures. We adjusted for these charges to facilitate comparison from period to period.
(b) Unrealized gains or losses on derivative instruments and foreign currency gains or losses are not considered in our evaluation of our ongoing performance.
(c) Reflects other non-recurring expense/(income) related to costs associated with two secondary offerings in which Verlinvest Beverages SA sold shares of the Company in an underwritten public offering that closed on May 26, 2023 and a block trade that was executed on November 9, 2023. The amounts for the three and nine months ended September 30, 2023 relate to costs for the May 26, 2023 offering. The amounts for the three and nine months ended September 30, 2024 relate to an expense waiver of certain costs incurred during the November 9, 2023 block trade. The Company did not receive any proceeds from the sale of the shares.
(d) Reflects other charges primarily related to the impairment loss related to assets held for sale in 2023 and other non-recurring expenses.
SUPPLEMENTAL INFORMATION
NET SALES | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
Americas segment | |||||||||||||||
Vita Coco Coconut Water | $ | 94,013 | $ | 89,683 | $ | 262,029 | $ | 253,825 | |||||||
Private Label | 16,489 | 28,257 | 63,897 | 77,366 | |||||||||||
Other | 1,744 | 2,706 | 6,913 | 7,490 | |||||||||||
Subtotal | |||||||||||||||
International segment | |||||||||||||||
Vita Coco Coconut Water | $ | 14,883 | $ | 11,350 | $ | 38,500 | $ | 33,628 | |||||||
Private Label | 4,800 | 5,421 | 14,768 | 13,140 | |||||||||||
Other | 977 | 647 | 2,613 | 2,019 | |||||||||||
Subtotal | $ | 20,660 | $ | 17,418 | $ | 55,881 | $ | 48,787 | |||||||
Total net sales | $ | 132,906 | $ | 138,064 | $ | 388,720 | $ | 387,468 | |||||||
COST OF GOODS SOLD & GROSS PROFIT | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
Cost of goods sold | |||||||||||||||
Americas segment | $ | 68,681 | $ | 70,437 | $ | 196,195 | $ | 214,214 | |||||||
International segment | 12,663 | 11,456 | 35,049 | 32,328 | |||||||||||
Total cost of goods sold | $ | 81,344 | $ | 81,893 | $ | 231,244 | $ | 246,542 | |||||||
Gross profit | |||||||||||||||
Americas segment | $ | 43,563 | $ | 50,208 | $ | 136,643 | $ | 124,466 | |||||||
International segment | 7,999 | 5,963 | 20,833 | 16,460 | |||||||||||
Total gross profit | $ | 51,562 | $ | 56,171 | $ | 157,476 | $ | 140,926 | |||||||
Gross margin | |||||||||||||||
Americas segment | 38.8 | % | 41.6 | % | 41.1 | % | 36.8 | % | |||||||
International segment | 38.7 | % | 34.2 | % | 37.3 | % | 33.7 | % | |||||||
Consolidated | 38.8 | % | 40.7 | % | 40.5 | % | 36.4 | % | |||||||
VOLUME (CE) | |||||||||||
Percentage Change - Three Months Ended September 30, 2024 vs. 2023 | |||||||||||
Americas | International | Total | |||||||||
Vita Coco Coconut Water | 2.9 | % | 27.2 | % | 6.3 | % | |||||
Private Label | (32.1 | ) | % | (4.7 | ) | % | (27.0 | ) | % | ||
Other | (38.9 | ) | % | 134.7 | % | (32.3 | ) | % | |||
Total volume (CE) | (6.8 | ) | % | 17.4 | % | (3.1 | ) | % | |||
Percentage Change - Nine Months Ended September 30, 2024 vs. 2023 | |||||||||||
Americas | International | Total | |||||||||
Vita Coco Coconut Water | 0.6 | % | 8.0 | % | 1.7 | % | |||||
Private Label | (7.6 | ) | % | 18.5 | % | (3.1 | ) | % | |||
Other | (18.8 | ) | % | 23.6 | % | (16.2 | ) | % | |||
Total volume (CE) | (1.7 | ) | % | 10.9 | % | 0.2 | % | ||||
Note: A CE is a standard volume measure used by management which is defined as a case of 12 bottles of 330ml liquid beverages or the same liter volume of oil.
*International Other excludes minor volume that is treated as zero CE
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