Shares of The Vita Coco Company, Inc. (COCO) jumped 7.21% in pre-market trading on Tuesday, following the company's better-than-expected third-quarter earnings results.
While Vita Coco's Q3 sales of $133 million missed the consensus estimate of $139.4 million, the company reported strong profitability metrics that seemed to drive investor enthusiasm. Vita Coco's Q3 adjusted EBITDA came in at $23 million, beating analysts' expectations of $20.9 million.
The coconut water and beverage company also reported a Q3 gross margin of 39%, with gross profit reaching $52 million and net income of $19 million for the quarter.
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