Monster Beverage Reports Lower 2Q Sales, Points to Sequential Sales Improvement -- Earnings Review
August 04 2020 - 4:58PM
Dow Jones News
By Maria Armental
Monster Beverage Corp. reported lower second-quarter sales as
the coronavirus pandemic hit sales at its largest sales channel but
pointed to a sequential sales improvement. Here's what you need to
know:
PROFIT: Net income rose to $311.4 million, or 59 cents a share,
from $292.5 million, or 53 cents a share a year earlier. Analysts
surveyed by FactSet expected 49 cents a share.
REVENUE: Net sales fell to $1.09 billion from $1.1 billion a
year earlier. Analysts expected $1.01 billion.
EXPENSES: Operating expenses fell to $252.2 million from $282.3
a year earlier. The company attributed the decline largely to a
$19.8 million decline from sponsorship and endorsements and $10.1
million from travel and entertainment. In both cases, the company
said, the decline was tied to the pandemic and said that costs for
some of the postponed or rescheduled events could be deferred to
future periods.
PANDEMIC: Company officials had said that the pandemic had hit
sales during the quarter, including in its largest sales channel,
convenience stores and gas stations, but said that sales improved
sequentially throughout the quarter.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 04, 2020 16:43 ET (20:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Monster Beverage (NASDAQ:MNST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Monster Beverage (NASDAQ:MNST)
Historical Stock Chart
From Jul 2023 to Jul 2024