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Jun 30, 2022
Vita Coco Q2 2022 Earnings Report
Net sales increased and gross margin improved sequentially.
Key Takeaways
The Vita Coco Company reported a 13% increase in net sales to $115 million for Q2 2022, driven by a 21% growth in Vita Coco Coconut Water. Gross profit remained flat at $29 million, representing 25% of net sales, with a sequential improvement from Q1. Net income attributable to shareholders was $1 million, or $0.02 per diluted share.
Net sales grew by 13% to $115 million, driven by a 21% increase in Vita Coco Coconut Water sales.
Gross profit was $29 million, representing 25% of net sales, showing sequential improvement from the first quarter.
Net income attributable to shareholders was $1 million, or $0.02 per diluted share.
The company reaffirmed its previously communicated net sales and adjusted EBITDA guidance for the full year 2022.
Forward Guidance
The Company is reaffirming previously communicated full year 2022 guidance.
Positive Outlook
- Expect net sales in the range of $440-455 million, representing a growth of approximately 16-20% compared to fiscal year 2021.
- Expect gross margin improvement for the remainder of 2022 compared to the first quarter.
- Anticipate full year gross margins in the mid 20%’s due to expected continued elevated transportation costs, partially offset by the benefit of higher net pricing and efficiency initiatives.
- Forecast Adjusted EBITDA in the range of $27-32 million reflecting volume and pricing growth offset by higher than normal transportation costs and increased public company costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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