Press release
Monster Beverage Reports 2022 Fourth Quarter and Full-Year Financial Results
-- Record Fourth Quarter Net Sales Rise 6.2 Percent to $1.51 Billion ---- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $81.9 Million, Rise
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Record Fourth Quarter Net Sales Rise 6.2 Percent to $1.51 Billion ---- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $81.9 Million, Rise 11.9 Percent ---- Gross Margin Percentage Increases on a Quarterly Sequential Basis ---- Company Declares Two-for-One Stock Split -- CORONA, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and twelve-months ended December 31, 2022. The Company achieved record fourth quarter net sales of $1.51 billion for the 2022 fourth quarter, 6.2 percent higher than net sales for the 2021 comparable period. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2022 fourth quarter of $81.9 million. Net sales on a foreign currency adjusted basis increased 11.9 percent for the 2022 fourth quarter. The Company implemented a price increase effective September 1, 2022 in the United States and continued to implement price increases in certain international markets in the fourth quarter of 2022, all of which positively impacted gross profit margins. Since the beginning of the COVID-19 pandemic and the subsequent global supply chain challenges and disruptions, the Company has prioritized product availability for its consumers and customers, despite adversely impacting gross margins and operating income. CANarchy Craft Brewery Collective LLC was acquired in February 2022 to facilitate the Company’s entry into the alcohol beverage sector. During 2022, CANarchy sustained margin pressures, costs of acquisition and integration, as well as certain other costs in preparation for the launch of the Company’s new alcohol product lines. Gross profit as a percentage of net sales increased on a sequential quarterly basis to 51.8 percent in the 2022 fourth quarter, from 51.3 percent in the 2022 third quarter. Gross profit as a percentage of net sales, excluding gross profit for the Company’s Alcohol Brands segment, increased on a sequential quarterly basis to 52.5 percent in the 2022 fourth quarter, from 51.9 percent in the 2022 third quarter. As of December 31, 2022, the Company had $1.31 billion in cash and cash equivalents, $1.36 billion in short-term investments and $61.4 million in long-term investments. Fourth Quarter ResultsNet sales for the 2022 fourth quarter increased 6.2 perce...