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Bonnie Lee Herzog

Managing Director and Senior Consumer Analyst at Goldman Sachs Group Inc.

Bonnie Herzog is a Managing Director and Senior Consumer Analyst at Goldman Sachs, specializing in equity research for the beverage, tobacco, and convenience store sectors with direct coverage of major companies such as Philip Morris International, Constellation Brands, Monster Beverage, and Altria. Renowned for her in-depth proprietary research and contrarian calls, Herzog has generated an average return of 10.84% with a success rate near 59%, including standout performances such as a 225% return on Boston Beer Company. Over her 20+ year career, she has been recognized by Institutional Investor magazine for the All-America Research Team and previously held managing director roles at Wells Fargo and Citi Investment Research before joining Goldman Sachs in December 2019. Herzog holds an MBA in finance from MIT Sloan and a BA in finance from the University of St. Thomas, and she is registered with FINRA as a securities analyst.

Bonnie Lee Herzog's questions to Vita Coco Company (COCO) leadership

Question · Q3 2025

Bonnie Lee Herzog inquired about The Vita Coco Company's Q4 2025 guidance, seeking clarification on the implied sequential sales decline, potential Q4 shipment pull-forwards, private label expectations, and drivers for the significant Q4 EBITDA growth acceleration.

Answer

CFO Corey Baker explained the focus on full-year performance, advising a two-year stack for underlying business trends, and noted expected continuation of private label declines. He also mentioned tariffs impacting Q4 EBITDA. CEO Martin Roper added that distributor inventories were healthy, supporting the upcoming Walmart set.

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Question · Q3 2025

Bonnie Lee Herzog asked about the raised top-line growth guidance implying a sharp Q4 decline, inquiring if there was a pull-forward of shipments or specific private label expectations. She also asked about the drivers for the implied ramp in Q4 EBITDA growth, inventory levels between Q3 and Q4, and sought more color on recent private label customer wins, their offset to prior losses, Vita Coco's competitive advantage in private label, and the company's future approach to this business.

Answer

Corey Baker, Chief Financial Officer, explained that Q3 and Q4 are hard to predict, advising to look at the two-year stack for underlying momentum, which shows strong double-digit growth. He noted the private label business is expected to continue its Q2 trend of decline, with new private label business not expected until 2026. Martin Roper, Chief Executive Officer, added that distributor inventories were healthy at quarter-end. Regarding private label, Mr. Roper stated it's complementary to the brand, and Vita Coco intends to remain competitive, leveraging its diversified supply, cost, service, and quality advantages. He confirmed some lost regions were regained but not all, expecting private label to still be a slight drag next year, though the retained business is growing with the healthy category.

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