Vita Coco jumps on Q4 results beat

The Vita Coco

28/02/2024 13:24

** Shares of beverage company Vita Coco  COCO.O  up ~7% at
$23.95 before the bell 
    ** Company beats Q4 sales and profit expectations on higher
pricing and strong demand for its products like Vita Coco
coconut water 
    ** Q4 sales rose 15% to $106 million, topping LSEG estimates
of $99.6 million
    ** Q4 profit per share came in at 11 cents, compared to
analysts' expectations of 8 cents on the back of easing freight
costs and price hikes 
    ** However, the company expects fiscal 2024 net sales
between $495 million and $505 million, the midpoint of which is
below estimates of $503.3 million
    ** COCO expects benefits from price hikes to taper off this
year and slow sales growth
    ** Stock rose ~86% in 2023

 (Reporting by Ananya Mariam Rajesh in Bengaluru)