Monster Beverage has reported record third-quarter sales that were just shy of analysts’ expectations and a sharp rise in earnings as demand for energy drinks continues to grow.
Net sales for the three months to September 30, 2023, rose 14.3% to $1.86 billion, boosted by price increases and its acquisition of Bang Energy at the end of July. Analysts had expected net sales of $1.87 billion.
Net sales for the company’s main Monster Energy Drinks segment, including Monster Energy drinks, Reign Total Body Fuel high-performance energy drinks, Reign Storm total wellness energy drinks and Bang Energy drinks, increased 13.7% to $1.71 billion
The company noted that net changes in foreign currency exchange rates had an unfavorable impact on net sales of $29.2 million.
Net income per share rose 41.3% to $0.43, beating analysts’ consensus estimate of $0.40.
“The energy drink market in the United States, as well as internationally, continues to grow,” commented vice chairman and co-CEO Hilton Schlosberg.
“We are pleased to report another quarter of solid revenue growth, with record sales for our third quarter. The quarter was again impacted by unfavorable foreign currency exchange rates.”
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