Press release
Monster Beverage Reports 2024 Second Quarter Financial Results
-- Record Second Quarter Net Sales Rise 2.5 Percent to $1.90 Billion ---- Net Sales, Excluding the Alcohol Brands Segment, Adjusted for Adverse Changes in
About this update from Monster Beverage Corporation
[{"type":"text","content":"-- Record Second Quarter Net Sales Rise 2.5 Percent to $1.90 Billion ---- Net Sales, Excluding the Alcohol Brands Segment, Adjusted for Adverse Changes in Foreign Currency of $67.7 Million, Rise 7.4 Percent ---- Second Quarter Diluted EPS Increases 5.0 Percent -- CORONA, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and six-months ended June 30, 2024. Second Quarter ResultsNet sales for the 2024 second quarter increased 2.5 percent to $1.90 billion, from $1.85 billion in the same period last year. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2024 second quarter of $67.7 million ($34.0 million related to Argentina). Net sales on a foreign currency adjusted basis increased 6.1 percent (7.4 percent excluding the Alcohol Brands segment) in the 2024 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, Reign Storm® total wellness energy drinks, Bang Energy® drinks and Monster Tour Water®, increased 3.3 percent to $1.74 billion for the 2024 second quarter, from $1.69 billion for the 2023 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $53.6 million for the 2024 second quarter ($34.0 million related to Argentina). Net sales on a foreign currency adjusted basis for the Monster Energy® Drinks segment increased 6.5 percent in the 2024 second quarter (4.5 percent exclusive of Argentina’s impact). 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 Predator® and Fury®, increased 9.6 percent to $109.2 million for the 2024 second quarter, from $99.7 million in the 2023 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic Brands segment of approximately $14.0 million for the 2024 second quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 23.6 percent in the 2024 second quarter. Net sales for the Alcohol Brand...