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COCO Nasdaq· Vita Coco Company Inc
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COCO Nasdaq· Vita Coco Company Inc
Earnings report Q3 2023

COCO reports strong revenue growth driven by volume performance in Europe and favorable foreign exchange rates.

Segments of revenue

  • Vita Coco Coconut Water net sales increased by $3.5 million, or 11.7%, to $33.6 million for the nine months ended September 30, 2023, primarily driven by volume growth in the European region and favorable year-over-year foreign exchange rates.
  • Private label net sales increased by $1.6 million, or 42.3%, to $5.4 million for the three months ended September 30, 2023, driven by volume growth in Europe from new distribution.
  • International net sales increased by $2.2 million, or 14.2%, to $17.4 million for the three months ended September 30, 2023, primarily driven by volume growth and some benefits from pricing actions.
  • Vita Coco Coconut Water net sales increased by $0.7 million, or 6.7%, to $11.3 million for the three months ended September 30, 2023, driven by strong volume performance in Europe and favorable foreign exchange rates.

Strengths

  • COCO demonstrated strong revenue growth in the latest quarter, driven by volume performance in Europe and favorable foreign exchange rates.
  • The company's Vita Coco Coconut Water segment showed consistent growth, with net sales increasing by $3.5 million for the nine months ended September 30, 2023.
  • COCO's private label segment also experienced significant growth, with net sales increasing by $1.6 million for the three months ended September 30, 2023, driven by new distribution in Europe.

Challenges

  • COCO faced reduced volume in the Asia Pacific region, which partially offset the strong performance in Europe.
  • The company's private label segment still represents a smaller portion of overall revenue compared to Vita Coco Coconut Water.

Noteworthy

  • COCO's international segment showed positive growth, with net sales increasing by $2.2 million for the three months ended September 30, 2023, driven by volume growth and pricing actions.
  • The company's Vita Coco Coconut Water segment continued to be a significant contributor to revenue, with net sales increasing by $0.7 million for the three months ended September 30, 2023.

Summary

COCO reported strong revenue growth in the latest quarter, primarily driven by volume performance in Europe and favorable foreign exchange rates. The company's Vita Coco Coconut Water segment and private label segment both showed significant growth. However, COCO faced challenges with reduced volume in the Asia Pacific region. Overall, COCO's performance reflects its ability to capitalize on market opportunities and drive revenue growth.

Source documents

Form 10-Q  filed on Nov 02, 2023
52 pages scanned

Reference data

Company financials Q3 revenue 138M
Analyst estimates Q3 EPS beat by 51.81%
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