US: Monster Beverage reports record Q1 profits
- Q1 net profits leap by 38.3% to US$76.1m
- Net sales up by 27.5% in three months to end of March to US$454.6m
- Operating profits rise by 42.8% to US$126.3m
- Sales outside US increase by 38% on Q1 last year
Monster Beverage has reported record Q1 profits
Monster Beverage Corp has reported record Q1 profits and sales today (10 May) and confirmed plans to expand into more international markets.
The California-based energy drinks firm, which changed its name from Hansen Natural earlier this year, saw net profits in the three months to the end of March jump by 38.3% to US$76.1m, while net sales were up 27.5% to US$454.6m. Operating profits were also boosted, up 42.8% to US$126.3m.
Rodney Sacks, Monster's chairman & CEO, said the energy drink category as a whole and Monster in particular was continuing to grow, while demand for its Monster Rehab line was continuing “unabated”. The fifth product in the Monster Rehab line was launched during the quarter, he added.
Sacks also pointed to the company's growth outside the US. "We are continuing to expand into new international markets and retail sales of Monster Energy commenced in Hong Kong and Macau during April and in Japan and Ecuador earlier this week,” he said.
Sales outside the US for the company rose 38% to US$100.6m in the quarter, compared to Q1 last year.
Sacks added: “We are planning launches in additional international markets later this year.”
The company's shares advanced 12.9% to US$73.75 in aftermarket trading.
Last month the company's share price spiked briefly after it was reported that the Coca-Cola Co was in talks to buy Monster. Coca-Cola later denied it was “in discussions” with the energy drinks firm.
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