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Dec 31, 2023
Vita Coco Q4 2023 Earnings Report
The company reported a net sales increase of 15% driven by strong growth in Vita Coco Coconut Water and improved gross margins due to lower transportation costs.
Key Takeaways
The Vita Coco Company reported strong Q4 2023 results, with net sales up 15% to $106 million and net income of $7 million, a significant improvement from the previous year's net loss. Gross profit also increased due to lower transportation costs and higher pricing.
Net sales grew 15% to $106 million, driven by strong Vita Coco Coconut Water sales.
Gross profit was $40 million, representing 37% of net sales, driven by lower transportation costs and higher pricing.
Net income was $7 million, or $0.11 per diluted share, compared to a net loss of $(3) million, or $(0.05) per diluted share.
Non-GAAP Adjusted EBITDA was $8 million, up from $4 million in the prior year.
Forward Guidance
The company expects net sales between $495 million and $505 million and Adjusted EBITDA between $74 million and $78 million for fiscal year 2024.
Positive Outlook
- Projected Vita Coco Coconut Water volume growth.
- Projected private label coconut water volume growth.
- Full year gross margin expected to be between 36% and 38%.
- SG&A expenses expected to be approximately flat to 2023.
- Forecasting Adjusted EBITDA in the range of $74 million to $78 million.
Challenges Ahead
- Expected decreases in private label coconut oil business.
- Price/mix effects.
- Uncertainty related to transportation cost impacts from recent increases in ocean freight routes.
- Uncertainty and instability of the current operating environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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