Welcome to our dedicated page for Vita Coco news (Ticker: COCO), a resource for investors and traders seeking the latest updates and insights on Vita Coco stock.
The Vita Coco Company, Inc. reports developments across its portfolio of better-for-you beverage brands, led by Vita Coco coconut water and PWR LIFT protein-infused water. Company news commonly covers earnings results, sales trends for Vita Coco Coconut Water, full-year guidance, and the role of private label products in its beverage platform.
Updates also include product extensions such as Vita Coco Treats, brand partnerships and sampling programs, investor conference participation, index-related announcements, and impact reporting. As a public benefit corporation and Certified B Corporation, the company also discusses supply chain resilience, coconut growing communities, and sustainability initiatives tied to its coconut-based beverage business.
The Vita Coco Company reported a 13% increase in second quarter net sales to $115 million, driven by strong demand for its coconut water. However, gross profit remained flat at $29 million with a gross margin of 25%, a decrease from 28% last year due to rising transportation costs. Net income fell to $1 million, or $0.02 per diluted share, compared to $8 million, or $0.15 per share, in the prior year. Guidance for 2022 remains intact, with expectations of net sales between $440-455 million and adjusted EBITDA of $27-32 million.
The Vita Coco Company (NASDAQ: COCO) will report its financial results for Q1 ending June 30, 2022, on August 10, 2022, before market open. A conference call to discuss these results will occur at 8:30 a.m. ET on the same day, with registration required for participation. Founded in 2004, Vita Coco is a leader in the functional beverage sector, offering products like coconut water and clean energy drinks. The company aims to balance purpose and profit, catering to evolving consumer preferences.
Vita Coco (NASDAQ: COCO) is launching the World’s Biggest Coconut experience in Dallas from July 22-24, 2022, to promote its new Coconut Juice. This large-scale event features a giant inflatable coconut, local food trucks, games, and complimentary samples of the new drink. Vita Coco Coconut Juice, available in Original with Pulp and Mango flavors, is marketed as a refreshing beverage priced at $2.49 per 16.9 oz. can. The event aims to enhance brand visibility and engage local consumers in a fun summer atmosphere.
Diageo and Vita Coco have teamed up to launch Vita Coco Spiked with Captain Morgan, a line of premium canned cocktails. This collaboration combines Captain Morgan's spiced rum with Vita Coco's coconut water. The cocktails will feature three flavors: Piña Colada, Strawberry Daiquiri, and Lime Mojito, each with 5% ABV and sold in 12oz cans for $14.99 per 4-pack. The launch comes as the U.S. market sees a 269% growth in rum-based cocktails, indicating strong consumer demand for convenient, quality beverages.
The Vita Coco Company (NASDAQ: COCO) announces the departure of CFO Kevin Benmoussa, effective August 31, to pursue new opportunities. Benmoussa has been instrumental in the company's growth since 2018, supporting the initial public offering in October 2021. The company will conduct a search for his replacement. CEO Mike Kirban praised Benmoussa's contributions during his tenure, particularly during the challenges posed by the pandemic. The Vita Coco Company is recognized for its healthier beverage brands.
The Vita Coco Company has appointed Aishetu Fatima Dozie to its board of directors, effective June 1, 2022. With over 20 years in finance and entrepreneurship, Dozie brings valuable expertise to the board. The move aligns with the company’s objective to create a purpose-driven beverage brand. Co-Founder Mike Kirban expressed enthusiasm for her joining, highlighting her entrepreneurial success. Dozie, also the CEO of Bossy Cosmetics, has extensive experience in investment banking and a strong educational background from Cornell and Harvard.
Vita Coco (NASDAQ: COCO) has launched its first juice offering, Vita Coco Coconut Juice, available from June 2, 2022. This new product combines coconut water with bold flavors, offered in Original with Pulp and Mango varieties. Each 16.9 oz can contains 50 calories for the Original and 80 calories for the Mango variant. The drink is gluten-free, non-GMO, and targets consumers seeking a refreshing beverage for the summer. Retailing at $2.49 per can, it aims to expand Vita Coco's market reach while promoting a unique taste experience.
Vita Coco has launched its first juice product, Coconut Juice, available from June 2, 2022, in two flavors: Original with Pulp and Mango. This new offering combines coconut water with bold flavors, catering to consumers seeking refreshing, low-calorie options for summer. Each flavor is conveniently packaged in 16.9 oz aluminum cans, priced at $2.49 each. The product is available at 7-Eleven and online, promoting a healthier beverage choice that aligns with Vita Coco's commitment to organic and non-GMO ingredients.
The Vita Coco Company (NASDAQ:COCO) has announced participation in major investor conferences. CEO Martin Roper and CFO Kevin Benmoussa will present at the William Blair 42nd Annual Growth Stock Conference in Chicago on June 8, 2022, at 11:00 a.m. EST. Additionally, they will join Mike Kirban, Executive Chairman, for a virtual fireside chat at the Evercore ISI Consumer & Retail Conference on June 9, 2022, at 11:45 a.m. EST. Investors can access the webcast on the Company’s Investor Relations website and find archived replays post-event.
The Vita Coco Company reported a strong first quarter for 2022, with net sales increasing by 28% to $96 million. The growth was driven by a 38% rise in sales of Vita Coco Coconut Water. However, gross profit fell to $19 million, a margin decrease attributed to higher transportation costs. The company remains optimistic about achieving its fiscal year sales growth target of 16-20% and plans to increase prices to counteract ongoing cost pressures. Adjusted EBITDA showed a loss of $3 million, with expectations for improvement in gross margin for the remainder of the year.