COCO - Vita Coco reports Q3 missed earnings; revises FY22 guidance range
- Vita Coco press release ( NASDAQ: COCO ): Q3 GAAP EPS of $0.13 misses by $0.02 .
- Revenue of $124M (+7.2% Y/Y) misses by $5.32M .
- Non-GAAP adjusted EBITDA was $12M compared to $21M, down $9M due to higher transportation and ongoing incremental public company costs.
- The Company is revising its full year 2022 guidance: Expect net sales in the range of $422-427 million, representing a growth of approximately 11-12% compared to fiscal year 2021.
- Anticipate full year gross margins in the mid 20%’s due to continued elevated transportation costs, partially offset by the benefit of higher net pricing and efficiency initiatives. Expect gross margin improvement for the fourth quarter relative to the third quarter.
- Forecast adjusted EBITDA in the range of $20-22 million reflecting volume and pricing growth offset by higher than normal transportation costs and increased public company costs.
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Vita Coco reports Q3 missed earnings; revises FY22 guidance range