Press release
Monster Beverage Reports 2021 Third Quarter Financial Results
-- Record Third Quarter Net Sales Rise 13.2 Percent to $1.41 Billion ---- Company Addressing Increased Costs, some of which are likely to be Transitory,
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Record Third Quarter Net Sales Rise 13.2 Percent to $1.41 Billion ---- Company Addressing Increased Costs, some of which are likely to be Transitory, through Reductions in Promotions and other Pricing Actions -- CORONA, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and nine-months ended September 30, 2021, including an update on the impact of the COVID-19 pandemic. Despite the ongoing impact of the COVID-19 pandemic, the Company achieved record third quarter net sales. During the 2021 third quarter, the Company procured additional quantities of aluminum cans from suppliers in the United States, South America and Asia in response to increased consumer demand. However, the Company continued to experience shortages in its aluminum can requirements in the United States and EMEA during the 2021 third quarter. In addition, the Company continued to experience additional supply chain challenges, including, freight inefficiencies, trucking availability, shortages of shipping containers, port of entry congestion, insufficient co-packing capacity and delays in the receipt of certain ingredients, in the United States and EMEA. As a result, the Company was not able to fully satisfy increased demand for its products in these regions in the 2021 third quarter. During the 2021 third quarter, the Company continued to experience increased aluminum can costs, attributable to higher aluminum commodity pricing as well as the costs of importing aluminum cans. In addition, the Company experienced increased ingredient and other input costs, including shipping and freight, labor, trucking, fuel, co-packing fees, secondary packaging materials and increased outbound freight costs, which resulted in increased costs of sales and increased operating costs, in the 2021 third quarter. As of September 30, 2021, the Company had $1.71 billion in cash and cash equivalents, $1.22 billion in short-term investments and $28.3 million in long-term investments. Based on currently available information, the Company does not expect the COVID-19 pandemic to have a material impact on its liquidity. Third Quarter Results Net sales for the 2021 third quarter increased 13.2 percent to $1.41 billion from $1.25 billion in the same period last year. Net changes in foreign currency exchange ...