Press release
Monster Beverage Reports 2020 First Quarter Financial Results Including an Update on the Impact of the COVID-19 Pandemic
-- First Quarter Net Sales rise 12.3 percent to $1.06 billion ---- First Quarter Net Income increases 6.6 percent to $278.8 million ---- First Quarter Net
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- First Quarter Net Sales rise 12.3 percent to $1.06 billion ---- First Quarter Net Income increases 6.6 percent to $278.8 million ---- First Quarter Net Income per diluted share increases 8.2 percent to $0.52 per share --\n CORONA, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- May 7, 2020 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three-months ended March 31, 2020 and provided an update on the impact of the COVID-19 pandemic. COVID-19 Pandemic From the beginning of the COVID-19 pandemic, the Company’s top priority has been the health, safety and well-being of its employees. Early in March 2020, the Company implemented global travel restrictions and work-from-home policies for employees who are able to work remotely. For those employees who are unable to work remotely, safety precautions have been instituted, which were developed and adopted in line with guidance from public health authorities and professional consultants. The Company is incredibly proud of the teamwork exhibited by its employees, co-packers and bottlers/distributors around the world who are ensuring the integrity of its supply chain. The Company’s flavor manufacturing facilities, its co-packers, warehouses and shipment facilities, are all operating. Certain of the Company’s bottlers/distributors have implemented modifications to their call points and service levels, but generally the Company’s products remain available to consumers. In limited countries, which are smaller markets for the Company, the operations of its bottlers/distributors have been more affected.The impact of the COVID-19 pandemic on the Company’s net and gross sales for the 2020 first quarter was not material. The Company’s April sales were materially adversely impacted by the COVID-19 pandemic, however bottler/distributor sales of the Company’s products to retail in the United States were markedly less adversely impacted. Since mid-March 2020, the Company has seen a shift in consumer channel preferences and package configurations, including an increase in at-home consumption and a decrease in immediate consumption. To date, the Company’s sales in the second quarter have been adversely affected as a result of a decrease in foot traffic in the convenience and gas channel (which is the Company’s largest channel) and food service on-premise, while the Comp...