Here's why Monster Beverage shares are falling
Monster Beverage Corp MNST shares are trading down 3.69% to $98.00 on Tuesday night after the company reported worse-than-expected fourth-quarter results and said a 2 for 1 stock split.< /p>
What happened: Monster Beverage reported quarterly earnings of 57 cents per share, which was below analysts' consensus estimate of 63 cents. The company also posted quarterly sales of $1.51 billion, which beat analysts' consensus estimate of $1.60 billion by 5.6%. This revenue, however, represents a 6% increase from sales of $1.43 billion in the same period last year.
See also: Here's why Hyster-Yale stock hit a new 52-week high today
Monster Beverage reports operating expenses for the fourth quarter of 2022 were $390.0 million, compared to $354.7 million in the fourth quarter of 2021.
The company says that this increase in operating expenses is mainly due to the increase in warehousing and other logistics expenses, the increase in salary expenses and the increase general and administrative expenses.
As of December 31, Monster Beverage had $1.31 billion in cash and cash equivalents, $1.36 billion in short-term investments and $61.4 billion dollars in long-term investments.
What else: Vice President and Co-CEO Hilton H. Schlosberg said, "We are delighted to report another quarter of continued revenue growth. The beverage category continues to expand globally. Results from our overseas operations were again overshadowed by the strength of the U.S. dollar during the quarter."
"Gross profit margin percentages increased on a consecutive quarterly basis due to our pricing actions, as well as the moderation of some of our supply chain issues", said declared Schlosberg.
According to data from Benzinga Pro, MNST has a 52-week high of $105.45 and a 52-week low of $71.78.
Photo: Unsplash
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Monster Beverage Corp MNST shares are trading down 3.69% to $98.00 on Tuesday night after the company reported worse-than-expected fourth-quarter results and said a 2 for 1 stock split.< /p>
What happened: Monster Beverage reported quarterly earnings of 57 cents per share, which was below analysts' consensus estimate of 63 cents. The company also posted quarterly sales of $1.51 billion, which beat analysts' consensus estimate of $1.60 billion by 5.6%. This revenue, however, represents a 6% increase from sales of $1.43 billion in the same period last year.
See also: Here's why Hyster-Yale stock hit a new 52-week high today
Monster Beverage reports operating expenses for the fourth quarter of 2022 were $390.0 million, compared to $354.7 million in the fourth quarter of 2021.
The company says that this increase in operating expenses is mainly due to the increase in warehousing and other logistics expenses, the increase in salary expenses and the increase general and administrative expenses.
As of December 31, Monster Beverage had $1.31 billion in cash and cash equivalents, $1.36 billion in short-term investments and $61.4 billion dollars in long-term investments.
What else: Vice President and Co-CEO Hilton H. Schlosberg said, "We are delighted to report another quarter of continued revenue growth. The beverage category continues to expand globally. Results from our overseas operations were again overshadowed by the strength of the U.S. dollar during the quarter."
"Gross profit margin percentages increased on a consecutive quarterly basis due to our pricing actions, as well as the moderation of some of our supply chain issues", said declared Schlosberg.
According to data from Benzinga Pro, MNST has a 52-week high of $105.45 and a 52-week low of $71.78.
Photo: Unsplash
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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