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The Vita Coco Company Reports Third Quarter 2024 Financial Results

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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.

Positive
  • 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
Negative
  • 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 $133 million, though the core Vita Coco Coconut Water brand grew 8%. Supply chain constraints, particularly in ocean freight container availability, impacted inventory and sales potential.

Key positives include net income growth of $4 million to $19 million, improved EPS from $0.26 to $0.32 and a strong cash position of $157 million with zero debt. The company's raised guidance suggests confidence in Q4 performance, projecting full-year sales of $505-515 million and adjusted EBITDA of $80-84 million.

However, gross margins declined from 41% to 39%, with further pressure expected in Q4 due to rising ocean freight costs. The $40 million share buyback program shows management's confidence, though execution has been modest with $12.8 million spent so far.

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 $65 million requires close monitoring as the company navigates these supply chain challenges.

Net Sales Decreased 4% to $133 million while Vita Coco Coconut Water Grew 8%

Net Income Increased $4 million to $19 million and Non-GAAP Adjusted EBITDA1 Decreased $4 million to $23 million

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 and 5% 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 to 41% of net sales, and 41% of net sales year-to-date as compared to 36% 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 $5 million, or 4%, to $133 million for the third quarter ended September 30, 2024, compared to $138 million in the prior year period. The decrease in net sales was driven by declines in private label case equivalent ("CE") volume which more than offset the Vita Coco Coconut Water CE volume growth. The decline in private label was due to the reduction in private label oil sales, coupled with lower private label water volumes due primarily to supply constraints.

Gross profit was $52 million for the third quarter of 2024, compared to $56 million in the prior year period. Gross margin of 39% in the third quarter of 2024 decreased from 41% in the prior year period. Gross profit decrease was driven by lower overall volumes and increased transportation costs, which were partially offset by increased Vita Coco Coconut Water net pricing and price/mix effects in private label.

Selling, general and administrative ("SG&A") expenses in the third quarter of 2024 were $31 million, compared to $33 million in the prior year period. The decrease was largely due to the timing of marketing investments, which was partially offset by higher year on year personnel expenses.

Net income was $19 million, or $0.32 per diluted share, for the third quarter of 2024, compared to net income of $15 million, or $0.26 per diluted share, in the prior year period. Net income benefited from a gain on mark to market adjustment on derivative instruments, lower SG&A expenses and higher interest income driven by higher cash investments compared to the prior year period, partly offset by lower year-on-year gross profit.

Non-GAAP Adjusted EBITDA1 for the third quarter of 2024 was $23 million, compared to $27 million in the prior year period. The decrease in Adjusted EBITDA1 was primarily driven by lower gross profit resulting primarily from reduced volume and higher transportation costs, which were partially offset by higher Vita Coco Coconut Water net pricing, price/mix effects in private label, and lower SG&A.

Balance Sheet

As of September 30, 2024, the Company had cash and cash equivalents of $157 million, compared to $133 million as of December 31, 2023. There was no debt as of September 30, 2024 and December 31, 2023. Inventories as of September 30, 2024 totaled $65 million. On September 30, 2024, there were 56,731,839 shares of common stock outstanding.

On October 30, 2023, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $40 million of the Company's common stock. As of September 30, 2024, and to date, the Company has repurchased a total of 534,246 shares for an aggregate value of $12.8 million at an average share price of $23.97 with 112,702 shares repurchased during the most recent quarter.

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% and 39%, 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 $2,257 at September 30, 2024, and $2,486 at December 31, 2023 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, $0.01 par value; 500,000,000 shares authorized; 63,472,285 and 63,135,453 shares issued at September 30, 2024 and December 31, 2023, respectively 56,731,839 and 56,899,253 shares outstanding at September 30, 2024 and December 31, 2023, respectively 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 $1,258 and $328 of restricted cash as of September 30, 2024 and 2023, respectively, that were included in other current assets.

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$112,246  $120,646  $332,839  $338,681 
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 Water2.9 % 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 Water0.6 % 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


FAQ

What was Vita Coco's (COCO) Q3 2024 revenue?

Vita Coco reported Q3 2024 net sales of $133 million, representing a 4% decrease from the previous year.

What is Vita Coco's (COCO) earnings per share for Q3 2024?

Vita Coco reported earnings of $0.32 per diluted share in Q3 2024, compared to $0.26 in the same period last year.

What is Vita Coco's (COCO) full-year 2024 revenue guidance?

Vita Coco raised its guidance and expects 2024 net sales to be between $505 million and $515 million.

How much cash does Vita Coco (COCO) have as of Q3 2024?

As of September 30, 2024, Vita Coco had $157 million in cash and cash equivalents with no debt.

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