Vending

Monster Beverage reports record Q1 2023 sales

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May 5, 2023

Monster Beverage Corp. reported record sales in Q1 2023 over the prior year period, also raising its earnings, according to a press release. Highlights include:

Net sales increased 11.9% from $520 million in Q1 2022 to a record $1.7 billion in Q1 2023.
GAAP net income increased 35.1% from $294.2 million to $397.4 million in the comparative quarters.
Net income per diluted share increased 36.6% from 27 cents to 38 cents.
Net sales for the company's Monster Energy Drinks segment, which primarily includes the Monster Energy drinks, Reign Total Body Fuel high performance energy drinks and Reign Storm Total Wellness energy drinks, increased 11.2% to $1.56 billion.
Net sales for the strategic brands segment, which primarily includes the various energy drink brands originally acquired from The Coca-Cola Co., as well as the company's affordable energy brands, decreased 6.7% to $86.4 million.
Net sales for the alcohol brands segment which is comprised of The Beast Unleashed, as well as the various craft beers and hard seltzers purchased as part of the CANarchy transaction on Feb. 17, 2022, increased 204.4% to $46.3 million.
Net sales for the "other" segment, which includes certain products of American Fruits and Flavors LLC, a wholly owned subsidiary of the company, sold to independent third-party customers, decreased 22.2% to $4.6 million.
Net sales to customers outside the U.S. increased 12.6% to $622.9 million.

Shares traded today at $57.82 against a 52-week range of $41.07-$58.80.

The $1.7 billion in quarterly earnings beat analyst expectations by $10 million, while the GAAP EPS of 38 cents beat expectations by 4 cents, according to Seeking Alpha.

"The energy drink market continues to expand on a global basis," Hilton Schlosberg, vice chairman and CEO, said in the press release. "We are pleased to report another quarter of continued revenue growth with record sales for our first fiscal quarter, although the quarter was again adversely impacted by the strength of the United States dollar."