Monster Beverage Corp (NASDAQ:MNST) shares gained Friday, after it reported upbeat earnings for its third quarter and announced a $500-million buyback program
The Corona, Calif-based beverage maker reported Thursday Net sales for the 2019 third quarter increased 11.6 percent to $1.13 billion from $1.02 billion in the same period last year. Gross sales for the 2019 third quarter increased 11.3 percent to $1.32 billion from $1.18 billion in the same period last year.
The comparative net and gross sales for the 2018 third quarter were positively impacted by approximately $16.0 million and $18.0 million, respectively, due to advance purchases made by our customers in anticipation of a price increase effective November 1, 2018 in the United States.
Net changes in foreign currency exchange rates had an unfavorable impact on net and gross sales for the 2019 third quarter of $12.2 million and $15.1 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 13.5 percent to $1.06 billion for the 2019 third quarter, from $935.1 million for the 2018 third quarter.
Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $10.8 million for the 2019 third quarter.
Operating income for the 2019 third quarter increased to $395.4 million from $339.6 million in the 2018 third quarter.
Shares climbed $2.95, or 5.2%, to $59.59
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