Every material Form 8-K The Vita Coco filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Vita Coco reported third-quarter 2024 net sales of $133 million, down 4% from the prior year, while net income rose to $19 million from $15 million. The company raised its full-year 2024 guidance for net sales and adjusted EBITDA, citing improving inventory flow after supply constraints that limited sales in the quarter. Shareholders get a mixed picture: lower sales and adjusted EBITDA, offset by higher profit and a higher outlook.
Q3 2024 net sales were $133 million, down 4% from $138 million; year-to-date net sales were flat at $389 million.
Q3 diluted EPS was $0.32 versus $0.26; net income was $19 million, partly helped by a $2.6 million unrealized derivative gain.
Q3 adjusted EBITDA fell to $23 million from $27 million; gross margin was 39% versus 41%.
2024 guidance raised to net sales of $505 million to $515 million and adjusted EBITDA of $80 million to $84 million.
Vita Coco said its Chief Accounting Officer and principal accounting officer, Rowena Ricalde, resigned to pursue another opportunity, effective August 16, 2024, and that the departure is not due to any disagreement on financial statements, internal controls, operations, policies or practices. CFO Corey Baker is expected to serve as interim principal accounting officer from that date until a replacement is named, with no additional compensation.
Rowena Ricalde notified the company of her resignation on July 30, 2024; it takes effect August 16, 2024, and she serves until then.
Corey Baker, CFO since March 2023, is expected to act as interim principal accounting officer effective August 16, 2024.
The filing states no disagreement with the company on financial statements, internal control, operations, policies or practices.
Mr. Baker receives no additional compensation for the interim role.
Vita Coco reported second-quarter 2024 results on July 31, 2024, with net sales up 3% to $144 million and net income of $19 million, compared with $18 million a year earlier. Adjusted EBITDA rose to $32 million from $24 million, and the company reaffirmed its full-year 2024 guidance of $500 million to $510 million in net sales and $76 million to $82 million in adjusted EBITDA. For shareholders, the quarter showed higher sales and profit, while the company said gross margin is expected to be pressured in the second half by higher ocean freight costs on certain routes.
Q2 2024 net sales rose 3% to $144 million; Vita Coco Coconut Water net sales grew 4%.
Q2 net income was $19 million, or $0.32 per diluted share, versus $18 million, or $0.31, a year earlier.
Q2 gross margin was 41%, up from 37%, driven mainly by lower finished goods and transportation costs.
Full-year 2024 guidance was reaffirmed: net sales of $500 million to $510 million and adjusted EBITDA of $76 million to $82 million.
Vita Coco reported first quarter 2024 net sales up 2% to $112 million, with net income of $14 million, or $0.24 per diluted share, compared with $7 million, or $0.12, a year earlier. The company raised its full-year 2024 guidance to net sales of $500 million to $510 million and Adjusted EBITDA of $76 million to $82 million, but said higher ocean freight costs will weigh on gross margins starting in the second quarter.
Q1 2024 net sales rose 2% to $112 million, and gross margin rose to 42.2% from 30.7%.
Q1 2024 Adjusted EBITDA was $21 million, compared with $9 million in the same period of 2023.
2024 guidance: net sales of $500 million to $510 million, Adjusted EBITDA of $76 million to $82 million, and full-year gross margin of 37% to 39%.
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