Monster Beverage Corporation (MNST) reported a 14.7% increase in net sales to $850.9 million for the first quarter of 2018 compared to the prior-year period. Net changes in foreign currency exchange rates had a favorable impact on net sales of $17.7 million. Shares of Monster Beverage fell about 5% in the after-market session owing to the results that missed Street’s expectations.
Net income increased 21.4% to $216.1 million and EPS improved 23.1% to $0.38 from the first quarter of 2017.
Net sales for the Monster Energy Drinks segment grew 16.7% to $780.5 million. Net sales in the Strategic Brands segment dropped 3.3% to $65.8 million. In the Other segment, net sales slipped to $4.7 million from $5.5 million in the prior-year period.
Net sales to customers outside the United States surged 26.8% to $242.1 million in the recently ended quarter.
Monster is progressing in its strategic alignment with the Coca-Cola system bottlers. During the first quarter, the company completed its transition to the Coca-Cola bottlers in Minnesota. Monster also launched the Monster Energy brand with the Coca-Cola bottlers in Argentina.
Subsequent to Q1 2018, the Corona, California-based company relaunched Monster Energy with a Coca-Cola bottler in a lead market in India. Monster is planning a transition in Ecuador, as well as launches of Monster Energy in Uruguay and in a number of other countries in the Middle East and Africa with Coca-Cola bottlers over the coming quarters.
In the U.S., the company rebranded its Monster Extra Strength Nitrous Technology line to the Monster MAXX line and launched Monster Rehab White Dragon Tea.
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