Vita Coco Co., Inc. (COCO), a leading non-alcoholic beverage entity, reported a significant flip in its quarter-four financials on Wednesday. The statistics show a net income of $7 million or $0.11 per share, indicating a vast improvement from the previous year's fourth-quarter net loss of $3 million or $0.05 a share.
The firm's net sale experienced a 15% boost, marking an increase from $92 million to $106 million compared to the previous year. This considerable growth results from an impressive 8% net sale surge and a 3% volume increase in Vita Coco Coconut Water.
Thomson Reuters compiled figures which mainstream analysts projected, on average, that the company would report earnings of $0.08 per share on sales tallying up to $99.63 million. Following the industry norm, these estimates generally exclude exceptional items.
Looking into the financial outlook of 2024, Vita Coco predicts net sales to sit between $495 million and $505 million. This projection comes on the back of expected robust coconut water volume growth. However, it also factors in potential losses from segments of their private label coconut oil enterprise.
Market predictions lean toward annual sales figures of approximately $503.27 million.
Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) for the upcoming year is anticipated to be within the $74 million to $78 million range.
In comparison, the respective figures for fiscal 2023 stood at net sales of $494 million and an adjusted EBITDA of $68 million.
Ahead of the market opening on Nasdaq, Vita Coco's shares were on an upward trend. The shares were trading at around $24.53, marking a 9.4% increase.
