Vita Coco (COCO) Climbs to All-Time High on Strong Earnings, Upbeat Outlook

The Vita Coco Company, Inc. (NASDAQ:COCO) is one of the 10 Stocks Notching Impressive Double-Digit Gains.

Shares of Vita Coco rallied to a new all-time high on Wednesday, as investors cheered its strong earnings performance in the first quarter and a higher growth guidance for the full-year period.

At intra-day trade, The Vita Coco Company, Inc. (NASDAQ:COCO) jumped to its highest price of $67.21 before trimming gains to end the session just up by 29.67 percent at $66.95 apiece.

Photo from Vita Coco website

In a statement, the company said that it grew its net income by 61 percent to $30.47 million from $18.88 million in the same period a year earlier. Net sales increased by 37 percent to $179.76 million from $130.9 million year-on-year.

“Our healthy first quarter shipment performance was driven by very strong branded retail growth in all our major markets, reflective of solid underlying consumer demand and favorable promotional timing differences. Our improved pricing produced healthy gross margin and very strong adjusted EBITDA,” The Vita Coco Company, Inc. (NASDAQ:COCO) CEO Martin Roper said.

Following the results, The Vita Coco Company, Inc. (NASDAQ:COCO) raised its full-year net sales guidance to a range of $720 million to $735 million, versus $680 million to $700 million as previously projected.

Growth is expected to be bolstered by a targeted mid- to high-teens growth in Vita Coco Coconut Water and improvements in Private Label trends from new and regained business.

Adjusted EBITDA was also raised to a range of $132 million to $138 million, versus $122 million to $128 million year-on-year.

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