Monster Beverage Corp (NASDAQ:MNST) reported better-than-expected earnings for its first quarter on Thursday.
The company, based in Corona, Calif., told investors net sales for the 2019 first quarter increased 11.2% to $946.0 million from $850.9 million in the same period last year. Gross sales for the 2019 first quarter increased 10.1% to $1.09 billion from $990.6 million in the same period last year.
Net changes in foreign currency exchange rates had an unfavorable impact on net and gross sales for the 2019 first quarter of $22.0 million and $25.9 million, respectively.
Net sales for the Company’s Monster Energy® Drinks segment, which primarily includes the Company’s Monster Energy® drinks and Reign Total Body Fuel high performance energy drinks, increased 11.5 percent to $870.4 million for the 2019 first quarter, from $780.5 million for the 2018 first quarter.
Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $18.2 million for the 2019 first quarter.
Net sales for the Company’s Strategic Brands segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Company (NYSE:KO) as well as the Company’s affordable energy brands, increased 6.9% to $70.3 million for the 2019 first quarter, from $65.8 million in the 2018 first quarter.
Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic Brands segment of $3.8 million for the 2019 first quarter.
MNST shares vaulted $3.85, or 6.6%, to $61.84
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