Vita Coco up after co raises annual earnings forecast on demand for coconut water

Shares of beverage maker Vita Coco COCO.O up 7.6% at $45.43 premarket

Co raises its annual earnings forecast after better-than-expected Q3 results on the back of strong demand for its coconut water products and retail sales growth rates in the United States and core international markets

Co now sees annual net sales between $580 million and $595 million, compared with previous expectations of between $565 million and $580 million

Annual adjusted EBITDA is now forecast in the range of $90 million to $95 million, up from prior $86 million to $92 million guidance.

Q3 sales of $182 million beat estimates of $155.4 million and EPS of 40 cents surpassed expectations of 29 cents - data compiled by LSEG

Up to last close, COCO had risen 14.4% YTD