Monster Beverage Corp (NASDAQ:MNST) reported better-than-expected earnings for its fourth quarter, glad tidings reflected in a sharp improvement in stock price Thursday.
Net sales for the 2018 fourth quarter increased 14.1% to $924.2 million from $810.4 million in the same period last year.
Operating income for the 2018 fourth quarter increased to $306.5 million from $267.1 million in the 2017 fourth quarter.
Net income for the 2018 fourth quarter increased 18.8% to $239.1 million from $201.3 million in the 2017 fourth quarter. Net income per diluted share for the 2018 fourth quarter increased 22.7% to $0.43 from $0.35 in the fourth quarter of 2017.
CEO Rodney Sacks commented: "We are pleased to report record net sales for our 2018 fiscal fourth quarter, driven by growth in our Monster Energy® brand energy drinks and new energy drink introductions.
"Our strategic alignment with the Coca-Cola system bottlers worldwide continues to progress well."
During the 2018 fourth quarter, the Company purchased approximately 9.4 million shares of its common stock at an average purchase price of $56.99 per share, for a total amount of $536.9 million
Based in Corona, California, Monster Beverage Corporation is a holding company, whose subsidiaries develop and market energy drinks, including Monster Energy energy drinks, Monster Energy Ultra® energy drinks, Monster MAXX maximum strength energy drinks, Java Monster® non-carbonated coffee + energy drinks, Espresso Monster® non-carbonated espresso + energy drinks.
Shares bounced $6.76, or 11.5%, higher to $65.50
