Press release
Monster Beverage Reports 2023 Second Quarter Financial Results
-- Record Second Quarter Net Sales Rise 12.1 Percent to $1.85 Billion -- -- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $38.4 Million, Rise
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Record Second Quarter Net Sales Rise 12.1 Percent to $1.85 Billion -- -- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $38.4 Million, Rise 14.4 Percent -- -- Second Quarter Net Income Increases 51.4 Percent to $413.9 Million -- CORONA, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and six-months ended June 30, 2023. Second Quarter Results Net sales for the 2023 second quarter increased 12.1 percent to $1.85 billion, from $1.66 billion in the same period last year. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2023 second quarter of $38.4 million. Net sales on a foreign currency adjusted basis increased 14.4 percent in the 2023 second 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 9.7 percent to $1.69 billion for the 2023 second quarter, from $1.54 billion for the 2022 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $36.3 million for the 2023 second quarter. Net sales on a foreign currency adjusted basis for the Monster Energy® Drinks segment increased 12.1 percent in the 2023 second quarter. Net sales for the Company’s Strategic Brands segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Company, as well as the Company’s affordable energy brands, increased 26.0 percent to $99.7 million for the 2023 second quarter, from $79.1 million in the 2022 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic Brands segment of approximately $2.1 million for the 2023 second quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 28.7 percent in the 2023 second quarter. Net sales for the Alcohol Brands segment, which is comprised of The Beast UnleashedTM, as well as the various craft beers and hard seltzers purchased as part of the CANarchy transaction on February 17, 2022, increased 88.2 percent to $61.1 million for the 2023 second quarter, ...