Vita Coco Q3 Profit, Sales Rise

(RTTNews) - The Vita Coco Company, Inc. (COCO), a provider of non-alcoholic beverages, Tuesday reported higher profit in the third quarter, driven by increase in sales. The company also raised its full-year sales outlook.

Net profit in the third quarter increased to $15 million, or $0.26 per share from $7 million, or $0.13 per share in the comparable quarter last year.

Analysts on average, polled by Thomson-Reuters were expecting earnings of $0.24 per share. Analysts' estimates typically exclude special items.

Net sales grew 11% to $138 million from $124 million a year ago, helped by increase in sales and volume in Vita Coco Coconut Water. The consensus estimate was for $138.33 million.

The compay now expects full-year sales to grow 13%-15%, up from the previous outlook of 10%-12% growth. The Street expects sales to increase 12.2% for the year.

Vita Coco shares were up more than 6% in pre-market. The stock had closed at $23.37, down 4.06% on Monday. It has traded in the range of $7.39-$33.29 in the last 1 year.