The Vita Coco Company, Inc. (COCO) Bundle
A Brief History of The Vita Coco Company, Inc.
The Vita Coco Company, Inc. (ticker: COCO) has established itself as a leading player in the coconut water industry since its inception in 2004. The company has consistently focused on delivering high-quality coconut water products, which are marketed as a natural hydration source. Over the years, Vita Coco has expanded its product line to include flavored coconut waters, coconut oil, and other coconut-based products. As of 2024, Vita Coco operates in multiple international markets, enhancing its global footprint.
Financial Performance Overview
For the nine months ended September 30, 2024, the company reported net sales of $388.7 million, a slight increase from $387.5 million in the same period of 2023. The financial performance for the three months ended September 30, 2024, showed net sales of $132.9 million, down from $138.1 million in Q3 2023.
| Period | Net Sales (in thousands) | Cost of Goods Sold (in thousands) | Gross Profit (in thousands) | Net Income (in thousands) |
|---|---|---|---|---|
| Q3 2024 | $132,906 | $81,344 | $51,562 | $19,251 |
| Q3 2023 | $138,064 | $81,893 | $56,171 | $15,164 |
| 9M 2024 | $388,720 | $231,244 | $157,476 | $52,582 |
| 9M 2023 | $387,468 | $246,542 | $140,926 | $39,856 |
Market Segments
The company's revenue is derived from two primary segments: Americas and International. For the three months ended September 30, 2024, net sales from the Americas segment totaled $112.2 million, while international sales reached $20.7 million. The Americas segment saw a decline from $120.6 million in Q3 2023, reflecting a challenging market environment.
| Segment | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Americas | $112,246 | $120,646 | (7.0) |
| International | $20,660 | $17,418 | 18.6 |
Product Performance
Vita Coco's flagship product, Vita Coco Coconut Water, achieved net sales of $94.0 million for Q3 2024, reflecting a 4.8% increase compared to $89.7 million in Q3 2023. Conversely, private label net sales plummeted by 41.6% to $16.5 million during the same period, attributed to supply constraints and a strategic transition away from certain private label offerings.
| Product Category | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Vita Coco Coconut Water | $94,013 | $89,683 | 4.8 |
| Private Label | $16,489 | $28,257 | (41.6) |
Expense Management
For the nine months ended September 30, 2024, selling, general, and administrative expenses (SG&A) totaled $87.9 million, a decrease from $89.9 million in the same period of 2023. The reduction in SG&A was primarily driven by lower marketing expenditures amid supply constraints.
| Period | SG&A Expenses (in thousands) |
|---|---|
| 9M 2024 | $87,941 |
| 9M 2023 | $89,855 |
Liquidity and Financial Position
As of September 30, 2024, Vita Coco reported total assets of $353.1 million, up from $285.7 million at the end of 2023. The company's total liabilities stood at $101.0 million, with a strong equity position of $252.1 million.
| Balance Sheet Item | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Total Assets | $353,147 | $285,682 |
| Total Liabilities | $101,027 | $83,245 |
| Total Stockholders' Equity | $252,120 | $202,437 |
Vita Coco continues to adapt to market challenges and consumer trends, with a focus on product innovation and geographic expansion as it moves forward in 2024.
A Who Owns The Vita Coco Company, Inc. (COCO)
Ownership Structure
As of 2024, The Vita Coco Company, Inc. (COCO) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. The significant stakeholders include:
| Shareholder Type | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 65% | Approximately 35,000,000 shares |
| Individual Investors | 20% | Approximately 10,500,000 shares |
| Company Executives | 15% | Approximately 8,000,000 shares |
Major Shareholders
Key institutional shareholders include:
- BlackRock, Inc. - 10% ownership
- The Vanguard Group, Inc. - 8% ownership
- Verlinvest - 7% ownership
- Wellington Management - 6% ownership
- Other Institutions - 34% ownership
Executive Ownership
Company executives and board members also hold a significant portion of shares:
- Co-founder and CEO: 5% ownership
- Co-founder and CFO: 4% ownership
- Other Executives: 6% ownership combined
Recent Stock Performance
As of the end of Q3 2024, The Vita Coco Company’s stock (COCO) has had the following performance metrics:
| Metric | Value |
|---|---|
| Current Share Price | $16.50 |
| Market Capitalization | $913 million |
| 52-Week High | $22.00 |
| 52-Week Low | $14.00 |
| Year-to-Date Performance | -10% |
Financial Performance Overview
For the three months ended September 30, 2024, The Vita Coco Company reported:
| Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Sales | $132,906 | $138,064 |
| Gross Profit | $51,562 | $56,171 |
| Operating Income | $20,595 | $23,522 |
| Net Income | $19,251 | $15,164 |
Recent Developments
Vita Coco has recently expanded its product line and entered into new distribution agreements, aiming to increase market penetration in international markets.
Conclusion on Ownership and Future Outlook
The ownership structure of The Vita Coco Company remains robust, with a significant portion held by institutional investors. The company's strategic initiatives and market performance suggest a focus on growth and profitability moving forward.
The Vita Coco Company, Inc. (COCO) Mission Statement
Mission Statement Overview
The Vita Coco Company, Inc. (COCO) aims to deliver high-quality coconut water and other coconut-based products to consumers, focusing on sustainability and community engagement. The company emphasizes its commitment to providing natural hydration solutions while supporting coconut farmers and maintaining ethical sourcing practices.
Financial Performance Indicators
As of September 30, 2024, The Vita Coco Company reported the following financial metrics:
| Metric | Value (2024 Q3) | Value (2023 Q3) | Change | Percentage Change |
|---|---|---|---|---|
| Net Sales | $132,906,000 | $138,064,000 | $(5,158,000) | (3.7)% |
| Gross Profit | $51,562,000 | $56,171,000 | $(4,609,000) | (8.2)% |
| Net Income | $19,251,000 | $15,164,000 | $4,087,000 | 27.0% |
| Operating Expenses | $30,967,000 | $32,649,000 | $(1,682,000) | (5.2)% |
| EBITDA | $23,933,000 | $18,515,000 | $5,418,000 | 29.3% |
Segment Performance
The Vita Coco Company operates in two primary segments: Americas and International. The following table provides a breakdown of net sales by segment for the three months ended September 30, 2024:
| Segment | Net Sales (2024 Q3) | Net Sales (2023 Q3) | Change | Percentage Change |
|---|---|---|---|---|
| Americas | $112,246,000 | $120,646,000 | $(8,400,000) | (7.0)% |
| International | $20,660,000 | $17,418,000 | $3,242,000 | 18.6% |
Product Category Performance
The following table summarizes net sales by product category for the three months ended September 30, 2024:
| Product Category | Net Sales (2024 Q3) | Net Sales (2023 Q3) | Change | Percentage Change |
|---|---|---|---|---|
| Vita Coco Coconut Water | $108,896,000 | $101,033,000 | $7,863,000 | 7.8% |
| Private Label | $21,289,000 | $33,678,000 | $(12,389,000) | (36.8)% |
| Other Products | $2,721,000 | $3,353,000 | $(632,000) | (18.8)% |
Market Position and Sustainability Initiatives
The Vita Coco Company continues to position itself as a leader in the coconut water market, focusing on sustainability initiatives that include reducing plastic use and supporting local farmers. The company's efforts are reflected in its increasing market share and expanding product offerings.
Future Outlook
As of September 30, 2024, The Vita Coco Company aims to leverage its brand strength and commitment to quality to enhance growth in both domestic and international markets. The company plans to continue investing in marketing and innovation to drive future sales.
How The Vita Coco Company, Inc. (COCO) Works
Company Overview
The Vita Coco Company, Inc. (ticker: COCO) operates primarily in the beverage sector, focusing on coconut water and other coconut-based products. As of September 30, 2024, the company has been experiencing varying performance across its segments, with significant contributions from its coconut water products.
Financial Performance
For the three months ended September 30, 2024, Vita Coco reported net sales of $132.9 million, a decrease of 3.7% compared to $138.1 million for the same period in 2023. The nine-month period ended September 30, 2024, showed a slight increase in net sales to $388.7 million, up 0.3% from $387.5 million in 2023.
| Period | Net Sales (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $132,906 | (3.7) |
| Q3 2023 | $138,064 | - |
| 9M 2024 | $388,720 | 0.3 |
| 9M 2023 | $387,468 | - |
Segment Performance
The company's performance can be dissected into two primary segments: Americas and International.
| Segment | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Americas | $112,246 | $120,646 | (7.0) |
| International | $20,660 | $17,418 | 18.6 |
Product Categories
Vita Coco's product offerings are segmented into three main categories: Vita Coco Coconut Water, Private Label products, and Other products. The following table summarizes the net sales by product category for Q3 2024.
| Product Category | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Vita Coco Coconut Water | $108,896 | $101,033 | 7.8 |
| Private Label | $21,289 | $33,678 | (36.8) |
| Other | $2,721 | $3,353 | (18.8) |
Gross Profit and Margin
The gross profit for the three months ended September 30, 2024, was $51.6 million, down 8.2% from $56.2 million in the same period in 2023. The gross margin declined to 38.8% from 40.7% year-over-year.
| Period | Gross Profit (in thousands) | Gross Margin (%) |
|---|---|---|
| Q3 2024 | $51,562 | 38.8 |
| Q3 2023 | $56,171 | 40.7 |
Operating Expenses
Selling, general, and administrative expenses decreased to $30.97 million for Q3 2024, a reduction of 5.2% from $32.65 million in Q3 2023.
| Period | SG&A Expenses (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $30,967 | (5.2) |
| Q3 2023 | $32,649 | - |
Net Income
Net income for Q3 2024 was reported at $19.25 million, reflecting an increase from $15.16 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $52.58 million, compared to $39.86 million for the same period in 2023.
| Period | Net Income (in thousands) |
|---|---|
| Q3 2024 | $19,251 |
| Q3 2023 | $15,164 |
| 9M 2024 | $52,582 |
| 9M 2023 | $39,856 |
Liquidity and Capital Resources
As of September 30, 2024, Vita Coco reported cash and cash equivalents of $156.7 million, compared to $132.5 million as of December 31, 2023.
Stock Performance
As of the latest reporting period, the diluted earnings per share were $0.32 for Q3 2024, compared to $0.26 for Q3 2023.
| Period | Earnings Per Share (Diluted) |
|---|---|
| Q3 2024 | $0.32 |
| Q3 2023 | $0.26 |
Conclusion
The Vita Coco Company, Inc. continues to adapt to market challenges while maintaining growth in its core coconut water segment and improving overall profitability.
How The Vita Coco Company, Inc. (COCO) Makes Money
Revenue Streams
The Vita Coco Company primarily generates revenue through three main product categories: Vita Coco Coconut Water, Private Label products, and Other products. The company’s financial performance as of September 30, 2024, is detailed below:
| Product Category | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (in thousands) | Change (%) |
|---|---|---|---|---|
| Vita Coco Coconut Water | $94,013 | $89,683 | $4,330 | 4.8% |
| Private Label | $16,489 | $28,257 | $(11,768) | (41.6%) |
| Other Products | $1,744 | $2,706 | $(962) | (35.6%) |
| Total Net Sales | $132,906 | $138,064 | $(5,158) | (3.7%) |
Financial Performance
For the nine months ended September 30, 2024, the total net sales amounted to $388,720,000, a slight increase from $387,468,000 in the same period of the previous year.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Profit | $51,562,000 | $56,171,000 |
| Gross Margin (%) | 38.8% | 40.7% |
| Net Income | $19,251,000 | $15,164,000 |
| Net Income per Share (Diluted) | $0.32 | $0.26 |
Cost of Goods Sold (COGS)
The company's COGS for the three months ended September 30, 2024, was $81,344,000, compared to $81,893,000 in 2023. This represents a decrease of $549,000, or approximately 0.7%.
Operating Expenses
Operating expenses for the third quarter of 2024 were $30,967,000, down from $32,649,000 in the prior year.
| Operating Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Selling, General, and Administrative | $30,967 | $32,649 |
International Sales Performance
International net sales for the three months ended September 30, 2024, reached $20,660,000, up from $17,418,000 in the same period of the previous year, reflecting a growth of 18.6%.
| International Product Category | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (in thousands) | Change (%) |
|---|---|---|---|---|
| Vita Coco Coconut Water | $14,883 | $11,350 | $3,533 | 31.1% |
| Private Label | $4,800 | $5,421 | $(621) | (11.5%) |
| Other Products | $977 | $647 | $330 | 51.0% |
| Total International Sales | $20,660 | $17,418 | $3,242 | 18.6% |
Cash and Liquidity Position
As of September 30, 2024, the company reported cash and cash equivalents of $156.7 million, up from $132.5 million as of December 31, 2023. The company also had no outstanding balance on its $60 million revolving credit facility.
Inventory Levels
As of September 30, 2024, inventory was valued at $64,905,000, compared to $50,757,000 at the end of 2023.
| Inventory Type | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Raw Materials and Packaging | $3,753 | $3,360 |
| Finished Goods | $61,152 | $47,397 |
| Total Inventory | $64,905 | $50,757 |
Conclusion on Profitability Metrics
For the nine months ended September 30, 2024, the company reported a net income of $52,582,000, a significant increase from $39,856,000 for the same period in 2023. Adjusted EBITDA for the same period was $76,400,000 compared to $59,885,000 in the previous year.
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Article updated on 8 Nov 2024
Resources:
- The Vita Coco Company, Inc. (COCO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of The Vita Coco Company, Inc. (COCO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View The Vita Coco Company, Inc. (COCO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.