The Vita Coco Company, Inc. (NASDAQ:COCO) Q4 2023 Earnings Conference Call February 28, 2024 8:30 AM ET Company Participants John Mills - Managing Partner at ICR Michael Kirban - Co-founder and Executive Chairman Martin Roper - Chief Executive Officer Corey Baker - Chief Financial Officer Conference Call Participants Bonnie Herzog - Goldman Sachs Chris Carey - Wells Fargo Securities Michael Lavery - Piper Sandler Eric Des Lauriers - Craig Hallum Jon Andersen - William Blair Jim Salera - Stephens Eric Serott ...

Financial Performance - Net sales increased by $65.8 million, or 15.4%, to $493.6 million for the year ended December 31, 2023, compared to $427.8 million for the year ended December 31, 2022 [350]. - Gross profit rose by $77.4 million, or 74.9%, to $180.7 million for the year ended December 31, 2023, from $103.4 million in 2022 [350]. - Income from operations increased significantly by $53.4 million to $56.5 million for the year ended December 31, 2023, compared to $3.1 million in 2022 [350]. - Net income surged by $38.8 million, or 496.7%, to $46.6 million for the year ended December 31, 2023, from $7.8 million in 2022 [350]. - Adjusted EBITDA for 2023 was $68,169 thousand, compared to $20,294 thousand in 2022, reflecting a growth of 236% [396]. Sales Breakdown - The Americas segment net sales increased by $56.6 million, or 15.2%, to $430.2 million for the year ended December 31, 2023 [352]. - Private Label net sales increased by $15.0 million, or 17.0%, to $103.2 million for the year ended December 31, 2023, driven by significant CE volume growth of 24.7% [355]. - International net sales increased by $9.2 million, or 17.0%, to $63.4 million for the year ended December 31, 2023, with notable growth in the EMEA region [356]. - The International Segment's Private Label net sales increased by $5.9 million, or 45.6%, to $18.7 million for the year ended December 31, 2023 [384]. Cost and Expenses - Cost of goods sold decreased by $11.5 million, or 3.6%, to $312.9 million for the year ended December 31, 2023, primarily due to lower transportation costs [359]. - Selling, general, and administrative (SG&A) expenses rose by $23.9 million, or 23.9%, to $124.2 million for the year ended December 31, 2023, primarily due to increased marketing and personnel-related expenses [388]. - Stock-based compensation increased to $9,128 thousand in 2023 from $7,384 thousand in 2022, marking a rise of 24% [396]. Profitability Metrics - Gross margin improved to 36.6% for the year ended December 31, 2023, compared to 24.2% in 2022 [358]. - The effective tax rate decreased to 19.5% for the year ended December 31, 2023, down from 27.9% in 2022, primarily due to lower statutory tax rates in foreign jurisdictions [393]. Cash Flow and Liquidity - Cash from operating activities increased by $118 million to $107.2 million for the year ended December 31, 2023, driven by higher net income and improvements in working capital [375]. - The company had $132.5 million in cash and cash equivalents as of December 31, 2023, up from $19.6 million in 2022 [371]. - The company believes that current cash, cash equivalents, and future cash flows will be sufficient to meet anticipated cash needs for at least 12 months [397]. - The outstanding balance on the Revolving Facility was zero as of December 31, 2023, indicating no reliance on this credit line [402]. Interest and Financing - Interest income increased significantly to $2.6 million for the year ended December 31, 2023, compared to $51,000 in 2022 [350]. - Interest expense for the year ended December 31, 2023, was $31 thousand, a decrease from $258 thousand in 2022 [396]. - The company may seek additional equity or debt financing in the future to support product development and market expansion [372]. - The company is currently subject to an unused commitment fee ranging from 0.10% to 0.20% on the unused amount of the line of credit, based on its leverage ratio [401]. Other Financial Items - For the year ended December 31, 2023, the company recorded an unrealized loss of $0.9 million related to outstanding derivative instruments, compared to an unrealized gain of $6.6 million in 2022 [362]. - The company recognized a foreign currency gain of $251 thousand in 2023, compared to a loss of $1,387 thousand in 2022 [396]. - The company reported a decrease in cash used in investing activities by $0.4 million, attributed to reduced expenditures for property and equipment [400]. - Future minimum commitments under noncancelable operating leases amount to $1.7 million as of December 31, 2023 [403].

Vita Coco Company, Inc. (COCO) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this company would post earnings of $0.24 per share when it actually produced earnings of $0.26, delivering a surprise of 8.33%.Over the last four quarters, the c ...

| --- | --- | --- | |-------|------------------------------|-------| | | | | | | BUILDING THE BETTER BEVERAGE | | | | PLATFORM OF THE FUTURE | | 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 w ...

Full Year Net Sales Increased 15% to $494 million Driven by Vita Coco Coconut Water Growth of 14% Full Year Net Income of $47 million and Full Year Non-GAAP Adjusted EBITDA of $68 million 1 Fourth Quarter 2023 Highlights Compared to Prior Year Full Year 2023 Highlights Compared to Prior Year Martin Roper, the Company's Chief Executive Officer, said, "We are extremely pleased with this year's results with 15% net sales growth, Net Income of $47 million, and Adjusted EBITDA of $68 million, which were all at t ...

Investors are always looking for stocks that are poised to beat at earnings season and The Vita Coco Company, Inc. (COCO) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Vita Coco is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pre ...

Vita Coco Company, Inc. (COCO) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 28, 2024, might help the stock move higher if these key numbers a ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Vita Coco Company, Inc. (COCO) . This company, which is in the Zacks Beverages - Soft drinks industry, shows potential for another earnings beat.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quar ...

NEW YORK, Feb. 07, 2024 (GLOBE NEWSWIRE) -- On Monday, Feb. 12, The Vita Coco Company (NASDAQ:COCO) is offering free hangover recovery nationwide*. The Monday after the Big Game is one of the least productive days of the year, with nearly 19 million employees in the U.S. expected to miss work due to fatigue and hangovers. And, according to a Workforce Institute study, 1 in 5 employed Americans say they will report to work late or plan to miss work entirely that day. To make Monday more bearable, Vita Coco i ...

Loading...Loading...The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies.The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.Here’s the latest list o ...