Press release
Monster Beverage Reports 2023 First Quarter Results
-- Record First Quarter Net Sales Rise 11.9 Percent to $1.70 Billion ---- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $52.0 Million, Rise
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Record First Quarter Net Sales Rise 11.9 Percent to $1.70 Billion ---- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $52.0 Million, Rise 15.3 Percent ---- Gross Margin Percentages Continue to Increase on a Quarterly Sequential Basis ---- First Quarter Operating Income Increases 21.4 Percent to $485.1 Million -- CORONA, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three-months ended March 31, 2023. The Company achieved record first quarter net sales of $1.70 billion in the 2023 first quarter, up 11.9 percent, from net sales of $1.52 billion in the 2022 comparable period. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2023 first quarter of $52.0 million. Net sales on a foreign currency adjusted basis increased 15.3 percent for the 2023 first quarter. The Company implemented pricing actions in the United States and certain other international markets in 2022 and continued to implement price increases in certain international markets in the first quarter of 2023, all of which positively impacted gross profit margins. Gross profit as a percentage of net sales increased on a sequential quarterly basis to 52.8 percent in the 2023 first quarter, from 51.8 percent in the 2022 fourth quarter and 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 53.6 percent in the 2023 first quarter, from 52.5 percent in the 2022 fourth quarter and 51.9 percent in the 2022 third quarter. First Quarter ResultsNet sales for the 2023 first quarter increased 11.9 percent to $1.70 billion from $1.52 billion in the comparable period last year. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2023 first quarter of $52.0 million. Net sales on a foreign currency adjusted basis increased 15.3 percent in the 2023 first quarter. Net sales for the Company’s Monster Energy® Drinks segment, which primarily includes the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks and Reign Storm® Total Wellness energy drinks, increased 11.2 percent to $1.56 billion for the 2023 first quarter, from $1.40 billion for...