WASHINGTON (dpa-AFX) - California-based energy drink company Monster Beverage Corp. (MNST), Thursday reported a better-than-expected second quarter on Thursday due to a rise in the sale of their energy drinks. Both earnings and revenue managed to top Street view.
Net income for the quarter was $403.72 million or $0.75 earnings per share compared to $311.36 or $0.59 earnings per share last year. Eighteen analysts polled by Thomson Reuters expected the earnings to be $0.68 for the quarter.
Monster also reported a revenue of $1.46 billion in the quarter, up from $1.09 billion last year. The rise can be primarily attributed to a 33% rise in the sale of Monster Energy drinks and Reign Total Body Fuel which saw revenue of $1.37 billion, up from $1.03 billion in 2020. Fourteen analysts projected the revenue to be $1.39 billion.
While the company hasn't provided any guidance for the future, analysts are expecting a $1.43 billion revenue with $0.71 earnings per share in the third quarter. For the full year, the forecast is $5.37 billion in revenue with $2.63 in earnings.
The shares are currently trading at $93.12 in the after-hours market, up $1.17 or 1.27% from close. During the regular session, the shares closed at $91.95, down $0.06 or 0.07%.
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