Vita Coco Company (NASDAQ: COCO) reported Q1 EPS of $0.12, $0.05 better than the analyst estimate of $0.07. Revenue for the quarter came in at $110 million versus the consensus estimate of $103.53 million.

The Company is increasing its full year guidance:

Expect net sales growth of approximately 9-12% compared to fiscal year 2022 (previously 9-11%), with Vita Coco Coconut Water expected to grow mid-teens and Private Label net sales to be slightly positive.
Full year gross margin expected to be between 32% and 34%, showing significant improvement over 2022, and sequential improvement expected in the next two quarters, due primarily to improvement in transportation costs, with contributions from price and mix.
Higher full year SG&A expenses to support long term growth initiatives, build commercial capabilities, cover increased employee costs, and improve efficiencies with GAAP reported SG&A expenses growing a higher rate than net sales.
Forecasting Adjusted EBITDA in the range of $54 million to $59 million (previously $52 million to $58 million).2.

For earnings history and earnings-related data on Vita Coco Company (COCO) click here.