Monster Beverage Corporation has reported an increase in its second-quarter results, beating expectations.
The company’s net sales were $907.1 million – up 9.6% from $827.5 million in the same period last year. There has also been particular growth in net sales to customers outside the US, increasing from $200.2 million in the corresponding quarter last year to $247.9 million this year.
Operating income was 19.2% higher at $350 million, with net income of $222.6 million.
Rodney Sacks, chairman and chief executive officer of Monster Beverage, said: “We are pleased to report that gross sales in the quarter exceeded a record $1 billion, marking a milestone in the company’s progress. In the quarter, we continued with the strategic alignment of our distribution system with Coca-Cola system bottlers. During the second quarter, we launched 14 new operating units in China, with the remaining two operating units having launched in July. We also successfully transitioned Hong Kong and Macau to Coca-Cola bottlers.
“During the quarter, we launched Monster Hydro energy drinks in a unique PET can in the United States and in a PET bottle in the United Kingdom and Ireland. Further new product launches are planned for 2017 and 2018.
“Our 2017 second quarter results continued to be adversely impacted by unfavourable currency exchange rates as well as production shortages of our Java Monster and Muscle Monster products.”
© FoodBev Media Ltd 2020
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