Why Vita Coco Skyrocketed Today
Shares of coconut water category leader Vita Coco (NASDAQ: COCO) skyrocketed 28.1% as of 3:54 p.m. EDT on Wednesday.
Vita Coco was a first mover in the coconut water category, with leading market share. The category appears to be resonating with consumers, as the company delivered a massive earnings beat in the first quarter.
In the first quarter, Vita Coco delivered 37.4% revenue growth to $179.8 million, while earnings per share grew 61.3% to $0.50. Both figures absolutely trounced analyst expectations. Management also raised its guidance for the rest of the year. It now anticipates sales of $720 million to $735 million, up from a prior range of $680 million to $700 million, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) between $132 million and $138 million, up from a prior range of $122 million and $128 million.
Source Fool.com
