Press release
Monster Beverage Reports 2020 Second Quarter Financial Results, Including an Update on the Impact of the COVID-19 Pandemic
-- Second Quarter Net Sales of $1.09 billion ---- Second Quarter Net Income increases 6.5 percent to $311.4 million ---- Second Quarter Net Income per diluted
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Second Quarter Net Sales of $1.09 billion ---- Second Quarter Net Income increases 6.5 percent to $311.4 million ---- Second Quarter Net Income per diluted share increases 9.9 percent to $0.59 per share --\n CORONA, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and six-months ended June 30, 2020, including an update on the impact of the COVID-19 pandemic. COVID-19 Pandemic The Company’s top priority continues to be 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’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 the operations of its bottlers/distributors have been more affected. The Company’s second quarter net and gross sales were adversely impacted by the COVID-19 pandemic, in part due to certain of the Company’s bottlers/distributors reducing their inventory levels. However, the Company experienced a sequential improvement in sales in the latter half of the quarter as certain countries and states began to gradually re-open. 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. The Company’s sales in the second quarter of 2020 were initially adversely affected as a result of a decrease in foot traffic in the convenience and gas channel (which is the Company’s largest channel) but improved sequentially throughout the quarter. The Company’s e-commerce, club store, mass merchandiser and grocery and related business continued to increase in the quarter while its food service on-premise business, which is a small channel for the Company, remained challenged. Currently, the Compan...