Vita Coco reports Q3 EPS 13c, consensus 15c

Reports Q3 revenue $124M, consensus $129.54M. Michael Kirban, the Company’s Co-founder and Executive Chairman, stated, "I am very proud of our teams’ performance during a challenging supply chain environment, and I’m especially happy with our strong Vita Coco Coconut Water net revenue growth of 14% in the third quarter. On a two-year basis, our third quarter Vita Coco Coconut Water net sales grew 58% over third quarter 2020, and grew 63% for the nine months year-to-date versus the same period in 2020, demonstrating the health of our brands. In 2023, we expect continued strong growth on our Vita Coco Coconut Water net sales, improvement in our gross margins and substantial progress back toward our long-term adjusted EBITDA target of the high teens as a percentage of sales. We are committed to our long-term ambition to create and maintain category leading brands in the broader, better-for you, functional beverage segment."