Vending

Monster Beverage reports record Q2 sales

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August 4, 2023

Monster Beverage Corp. reported record second quarter sales for Q2 2023 and boosted income in all segments, according to an earnings report.

Highlights include:

• Net sales increased 12.1% from $1.66 billion in Q2 2022 to $1.85 billion for the quarter ending June 30, 2023.
• Net income increased 51.4% from $273.4 million to $413.9 million in the comparative quarters.
• Net income per diluted share increased 52.8% from 26 cents to 39 cents while net income per basic share rose 26 cents to 40 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 9.7% from $1.54 billion to $1.69 billion.
• Net sales for the company's strategic brands segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Co. as well as the company's affordable energy brands, increased 26% from $79.1 million to $99.7 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 88.2% percent from $32.4 million to $61.1 million.
• Net sales for the company's "other" segment, which primarily includes certain products of American Fruits and Flavors LLC, a wholly owned subsidiary of the company sold to independent third-party customers, increased 22.2% from $6 million to $7.3 million.
• Net sales to customers outside the U.S. increased 10.2% from $649 million to $715.4 million.

Shares traded Thursday at $57.98 against a 52-week range of $42.81 to $60.47.

The $1.85 billion in quarterly revenue missed analyst expectations by $20 million while the non-GAAP EPS of 39 cents was in line with expectations, according to Seeking Alpha.

"We are seeing sustained growth in the energy drink market in the United States, as well as internationally," Hilton Schlosberg, vice chairman and co-CEO, said in the press release. "We are pleased to report another quarter of continued revenue growth with record sales for our second fiscal quarter."