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Jun 30, 2024
Vita Coco Q2 2024 Earnings Report
Reported a net sales increase of 3% to $144 million, with Vita Coco Coconut Water growth of 4%. Net income increased to $19 million, and Non-GAAP Adjusted EBITDA increased to $32 million.
Key Takeaways
The Vita Coco Company reported a 3% increase in net sales to $144 million for Q2 2024. Vita Coco Coconut Water sales grew by 4%. The company reaffirmed its full-year guidance, expecting net revenue between $500-$510 million and Adjusted EBITDA between $76-$82 million.
Net sales grew 3% in the second quarter to $144 million.
Vita Coco Coconut Water net sales growth of 4% in the second quarter.
Gross profit was $59 million in the second quarter, an increase of $8 million.
Non-GAAP Adjusted EBITDA was $32 million compared to $24 million for the second quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is reaffirming its full year guidance and expects the flow of product should allow them to rebuild retail and distributor inventories to more normal levels by the end of the year, which they believe sets them up for a strong 2025.
Positive Outlook
- Expect 2024 net sales to be between $500 million and $510 million.
- Projected Vita Coco Coconut Water and private label coconut water volume growth.
- SG&A expenses expected to be approximately flat to up slightly versus 2023.
- Forecasting Adjusted EBITDA in the range of $76 million to $82 million.
Challenges Ahead
- Expected decreases in private label coconut oil business and price/mix effects.
- Full year gross margin expected to be between 37% and 39%.
- Recent increases on certain ocean freight routes expected to adversely affect gross margins in the second half.
- This impact is expected to be most severe in the fourth quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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