Vita Coco sees 2024 net sales $500M-$510M, consensus $503.42M

The Company is raising its full year guidance based on year to date performance and current positive outlook: Expect 2024 net sales to be between $500 million and $510 million, with projected Vita Coco Coconut Water and private label coconut water volume growth, being offset by expected decreases in private label coconut oil business and price/mix effects. Full year gross margin expected to be between 37% and 39%, with recent increases on certain ocean freight routes adversely affecting gross margins beginning in the second quarter. This impact is expected to be most severe in the second quarter and moderate each subsequent quarter. SG&A expenses expected to be approximately flat to slightly up in dollars versus 2023. Forecasting Adjusted EBITDA in the range of $76 million to $82 million