Net income attributable to shareholders was $7 million, or $0.13 per diluted share, for the third quarter of 2022, compared to net income of $13 million, or $0.24 per diluted share, in the third quarter of 2021. Gross profit was $33 million, a decrease of $6 million, or 26% of net sales, representing a sequential improvement of over 90 basis points from the second quarter of 2022 and an improvement of 650 basis points from the first quarter, compared to 33% of net sales in the prior year period, with the decrease driven by higher year-over-year transportation costs. Net sales grew 7% to $124 million driven by strong 14% growth of Vita Coco Coconut Water despite significant out-of-stocks on certain flavored coconut water SKUs and a negative foreign currency impact on our reported International net sales. Third Quarter 2022 Highlights Compared to Prior Year Period
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