Monster Beverage Corporation (NASDAQ: MNST) today reported
financial results for the three- and nine-months ended September
30, 2022.
The Company achieved record third quarter net sales
of $1.62 billion for the 2022 third quarter, 15.2 percent higher
than net sales for the 2021 comparable period. Net changes in
foreign currency exchange rates had an unfavorable impact on net
sales for the 2022 third quarter of $71.3 million. Net sales on a
foreign currency adjusted basis increased 20.2 percent for the 2022
third quarter.
During the third quarter of 2022, the Company
continued to mitigate increased product and distribution costs
through pricing actions, including price increases and reductions
in promotional allowances. The Company implemented a price increase
effective September 1, 2022 in the United States and continued to
implement price increases in certain international markets where
feasible in the third quarter of 2022, all of which positively
impacted gross profit.
In the 2022 third quarter, the Company experienced
a significant increase in cost of sales, resulting in a decrease in
both gross profit and gross profit as a percentage of net sales,
relative to the comparative 2021 third quarter. The increase in
cost of sales was primarily due to (i) increased ingredient and
other input costs, including secondary packaging materials and
increased co-packing fees, (ii) increased logistical costs, (iii)
increased aluminum can costs and (iv) geographical and product
sales mix. Furthermore, the Company experienced significant
increases in distribution expenses primarily as the result of
increased warehousing expenses, as well as other logistical
expenses, which adversely impacted operating expenses.
As of September 30, 2022, the Company had $1.30
billion in cash and cash equivalents, $1.35 billion in short-term
investments and $72.4 million in long-term investments.
Third Quarter ResultsNet sales for the 2022
third quarter increased 15.2 percent to $1.62 billion from $1.41
billion in the same period last year. Net changes in
foreign currency exchange rates had an unfavorable impact on net
sales for the 2022 third quarter of $71.3 million. Net sales on a
foreign currency adjusted basis increased 20.2 percent in the 2022
third quarter.
Net sales for the Company’s Monster Energy® Drinks segment,
which primarily includes the Company’s Monster Energy® drinks,
Reign Total Body Fuel® high performance energy drinks and True
North® Pure Energy Seltzer energy drinks, increased 13.0 percent to
$1.50 billion for the 2022 third quarter, from $1.33 billion for
the 2021 third quarter. Net changes in foreign currency exchange
rates had an unfavorable impact on net sales for the Monster
Energy® Drinks segment of approximately $66.3 million for the 2022
third quarter. Net sales on a foreign currency adjusted basis for
the Monster Energy® Drinks segment increased 18.0 percent in the
2022 third quarter.
Net sales for the Company’s Strategic Brands segment, which
primarily includes the various energy drink brands acquired from
The Coca-Cola Company, as well as the Company’s affordable energy
brands, increased 19.3 percent to $88.8 million for the 2022 third
quarter, from $74.4 million in the 2021 third quarter. Net changes
in foreign currency exchange rates had an unfavorable impact on net
sales for the Strategic Brands segment of approximately $5.0
million for the 2022 third quarter. Net sales on a foreign currency
adjusted basis for the Strategic Brands segment increased 25.9
percent in the 2022 third quarter.
Net sales for the Alcohol Brands segment, which is comprised of
the various craft beers and hard seltzers purchased as part of the
CANarchy transaction on February 17, 2022, were $26.8 million for
the 2022 third quarter.
Net sales for the Company’s 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 (the “AFF Third-Party Products”), increased 2.1 percent
to $6.4 million for the 2022 third quarter, from $6.3 million in
the 2021 third quarter.
Net sales to customers outside the United States increased 15.8
percent to $610.6 million in the 2022 third quarter, from $527.4
million in the 2021 third quarter. Such sales were approximately 38
percent of total net sales in the 2022 third quarter, compared with
37 percent in the 2021 third quarter. Net sales to customers
outside the United States, on a foreign currency adjusted basis,
increased 29.3 percent in the 2022 third quarter.
Gross profit as a percentage of net sales for the 2022 third
quarter was 51.3 percent, compared with 55.9 percent in the 2021
third quarter. The decrease in gross profit as a percentage of net
sales for the 2022 third quarter was primarily the result of
increased ingredient and other input costs, including secondary
packaging materials and increased co-packing fees, increased
logistical costs, increased aluminum can costs and geographical and
product sales mix. The decrease in gross profit as a percentage of
net sales for the 2022 third quarter was partially offset by
pricing actions.
Operating expenses for the 2022 third quarter were $415.8
million, compared with $344.7 million in the 2021 third quarter.
The increase in operating expenses was primarily due to increased
warehousing and other logistical expenses, increased payroll
expenses, increased selling and marketing expenses, as well as
increased general and administrative expenses. Certain of these
increases were the result of the Company’s return to activities,
consistent with pre COVID-19 levels.
Operating expenses as a percentage of net sales for the 2022
third quarter were 25.6 percent, compared with 24.4 percent in the
2021 third quarter, and 24.5 percent for the 2019 third quarter
(pre COVID-19).
Distribution costs for the 2022 third quarter increased to $83.0
million, an increase of 27.1 percent, or 5.1 percent of net sales,
compared with $65.3 million, or 4.6 percent of net sales, in the
2021 third quarter, and 3.3 percent of net sales in the 2019 third
quarter (pre COVID-19).
Selling expenses as a percentage of net sales for both the 2022
and 2021 third quarters were 9.7 percent and 11.1 percent in the
2019 third quarter (pre COVID-19).
General and administrative expenses for the 2022 third quarter
were $175.5 million, or 10.8 percent of net sales, compared with
$142.6 million, or 10.1 percent of net sales, for the 2021 third
quarter, and 10.1 percent for the 2019 third quarter (pre
COVID-19). Stock-based compensation was $16.6 million for the third
quarter of 2022, compared with $16.7 million in the 2021 third
quarter.
Operating income for the 2022 third quarter was $417.9 million,
compared with $444.5 million in the 2021 third quarter. Operating
income for the 2022 third quarter decreased primarily as a result
of the decrease in the gross profit as a percentage of net sales,
as well as the increase in operating expenses.
The effective tax rate for the 2022 third quarter was 23.3
percent, compared with 23.7 percent in the 2021 third quarter.
Net income for the 2022 third quarter decreased 4.4 percent to
$322.4 million, from $337.2 million in the 2021 third quarter. Net
income per diluted share for the 2022 third quarter decreased 3.9
percent to $0.60, from $0.63 in the third quarter of 2021.
Vice Chairman and Co-Chief Executive Officer Hilton H.
Schlosberg said: “We are pleased to report another quarter
of continued strong volume and revenue growth, driven by
consumer demand. The strength of the United States dollar
in the quarter adversely impacted the solid results of our
overseas operations. We are also pleased to report increased gross
margins on a sequential quarterly basis, as a result of our
pricing actions and our supply challenges moderating. While
aluminum pricing is easing, cost inflation, including increases in
ingredient and other input costs, freight and fuel costs and
co-packing fees, remain challenging.
“We are continuing to deplete our inventory of higher cost
imported cans in EMEA and in the United States, although the cans
utilized for a major promotion in the 2022 third quarter were
all sourced locally.
“We continue to believe that some of the increased costs that we
are experiencing are likely to be transitory.
“In the United States, in addition to pricing actions to
reduce promotional allowances, we implemented a
market-wide increase in pricing, effective September 1, 2022. In
certain international markets, price increases were also
implemented in the second half of 2022, some in addition to price
increases or pricing actions already taken earlier in 2022,”
Schlosberg added.
Rodney C. Sacks, Chairman and Co-Chief Executive Officer, said:
“The global energy drink category continues to expand, and
the Company is well positioned to capitalize on
this growth with our Monster Energy® family of brands, as well
as our Strategic and Affordable energy brands.
“We continued to expand distribution of our brands in many
international markets in the third quarter of 2022. As previously
reported, we are planning to launch Monster Energy® Zero Sugar at
retail in the United States in January 2023.
“We are also planning to launch our first flavored malt
beverage alcohol product leveraging Monster’s brand equity in the
2023 first quarter. ‘The Beast Unleashed™ contains six percent
alcohol by volume and will initially be available in four
flavors. The Beast Unleashed™ will launch through certain
beer distributors in the United States, utilizing a phased state
launch approach, with the goal of being national by the end of
2023.
“In the first half of 2023, we are planning to introduce Monster
Tour Water™, a pure unflavored water line, in still
and sparkling variants in 19.2 oz aluminum cans as well
as four flavors of Reign Storm™ in 12 oz slim
aluminum cans, in response to certain competitive new entrants
in the energy drink category.
“Our innovation pipeline of both alcoholic and non-alcoholic
beverages continues to be robust and exciting,” Sacks added.
2022 Nine-Months ResultsNet sales for the
nine-months ended September 30, 2022 increased 16.6 percent to
$4.80 billion, from $4.12 billion in the comparable period last
year. Net changes in foreign currency exchange rates had an
unfavorable impact on net sales for the nine-months ended
September 30, 2022 of $157.6 million. Net sales on a foreign
currency adjusted basis increased 20.4 percent for the nine-months
ended September 30, 2022.
Gross profit, as a percentage of net sales, for the nine-months
ended September 30, 2022 was 49.8 percent, compared with 56.9
percent in the comparable period last year.
Operating expenses for the nine-months ended September 30,
2022 were $1.20 billion, compared with $956.3 million in the
comparable period last year.
Operating income for the nine-months ended September 30,
2022 decreased to $1.19 billion, from $1.38 billion in the
comparable period last year.
The effective tax rate was 24.5 percent for the nine-months
ended September 30, 2022, compared with 23.6 percent in the
comparable period last year.
Net income for the nine-months ended September 30, 2022
decreased 15.7 percent to $890.0 million, from $1.06 billion in the
comparable period last year. Net income per diluted share for
the nine-months ended September 30, 2022 decreased 15.6
percent to $1.66, from $1.97 in the comparable period last
year.
Share Repurchase ProgramDuring the
2022 third quarter, the Company purchased approximately 3.1 million
shares of its common stock at an average purchase price of $87.78
per share, for a total amount of $272.9 million (excluding broker
commissions).
As of November 3, 2022, approximately $182.8
million remained available for repurchase under the June 2022
repurchase program.
The Company announced today that its Board of
Directors has authorized a new share repurchase program for the
repurchase of up to an additional $500.0 million of the Company’s
outstanding common stock. The Company expects to make the share
repurchases from time to time in the open market, through
privately-negotiated transactions, by block-purchase or through
other transactions managed by broker-dealers or otherwise, subject
to applicable laws, regulations and approvals. The timing of the
share repurchases will depend on a variety of factors, including
market conditions, and the share repurchases may be suspended or
discontinued at any time. Investor Conference
CallThe Company will host an investor conference call
today, November 3, 2022, at 2:00 p.m. Pacific Time (5:00 p.m.
Eastern Time). The conference call will be open to all interested
investors through a live audio web broadcast via the internet at
www.monsterbevcorp.com in the “Events & Presentations” section.
For those who are not able to listen to the live broadcast, the
call will be archived for approximately one year on the
website.
Monster Beverage CorporationBased
in Corona, California, Monster Beverage Corporation is a holding
company and conducts no operating business except through its
consolidated subsidiaries. The Company’s subsidiaries develop and
market energy drinks, including Monster Energy® energy drinks,
Monster Energy Ultra® energy drinks, Juice Monster® Energy + Juice
energy drinks, Java Monster® non-carbonated coffee + energy drinks,
Espresso Monster® non-carbonated espresso + energy drinks, Rehab®
Monster® non-carbonated energy drinks, Monster Hydro® Energy Water
non-carbonated refreshment + energy drinks, Monster Hydro Super
Sport® Superior Hydration non-carbonated refreshment + energy
drinks, Monster HydroSport Super Fuel® non-carbonated advanced
hydration + energy drinks, Monster Dragon Iced Tea® non-carbonated
energy teas, Muscle Monster® non-carbonated energy shakes, Monster
Energy® Nitro energy drinks, Reign Total Body Fuel® high
performance energy drinks, Reign Inferno® thermogenic fuel high
performance energy drinks, True North® Pure Energy Seltzer energy
drinks, NOS® energy drinks, Full Throttle® energy drinks, Burn®
energy drinks, Samurai® energy drinks, Relentless® energy drinks,
Mother® energy drinks, Play® and Power Play® (stylized) energy
drinks, BU® energy drinks, Nalu® energy drinks, BPM® energy drinks,
Gladiator® energy drinks, Ultra Energy® energy drinks, Live+®
energy drinks, Predator® energy drinks and Fury® energy drinks. The
Company acquired CANarchy Craft Brewery Collective LLC in February
2022 and added a number of craft beers and hard seltzers to its
product portfolio. For more information visit,
www.monsterbevcorp.com.
Caution Concerning Forward-Looking
StatementsCertain statements made in this announcement may
constitute “forward-looking statements” within the meaning of the
U.S. federal securities laws, as amended, regarding the
expectations of management with respect to our future operating
results and other future events including revenues and
profitability. The Company cautions that these statements are based
on management’s current knowledge and expectations and are subject
to certain risks and uncertainties, many of which are outside of
the control of the Company, that could cause actual results and
events to differ materially from the statements made herein. Such
risks and uncertainties include, but are not limited to, the
following: the impact of rising costs and inflation on the
discretionary income of our consumers, particularly the rising cost
of gasoline; the impact of the military conflict in Ukraine,
including supply chain disruptions, volatility in commodity prices,
increased economic uncertainty and escalating geopolitical
tensions; the direct and indirect impacts of the human and economic
consequences of the COVID-19 pandemic, as well as measures that may
be taken in the future by governments, and consequently, businesses
(including the Company and its suppliers, bottlers/distributors,
co-packers and other service providers), and the public at large to
limit the COVID-19 pandemic; our extensive commercial arrangements
with The Coca-Cola Company (TCCC) and, as a result, our future
performance’s substantial dependence on the success of our
relationship with TCCC; our ability to implement our growth
strategy, including expanding our business in existing and new
sectors, such as the alcoholic beverage sector; the inherent
operational risks presented by the alcoholic beverage industry that
may not be adequately covered by insurance or lead to litigation
relating to the abuse or misuse of our products; our ability to
successfully integrate CANarchy and other acquired businesses or
assets; exposure to significant liabilities due to litigation,
legal or regulatory proceedings; intellectual property injunctions;
unanticipated litigation concerning the Company’s products; the
current uncertainty and volatility in the national and global
economy; changes in consumer preferences; adverse publicity
surrounding obesity and health concerns related to our products,
product safety and quality, water usage, environmental impact and
sustainability, human rights, our culture, workforce and labor and
workplace laws; changes in demand due to both domestic and
international economic conditions; activities and strategies of
competitors, including the introduction of new products and
competitive pricing and/or marketing of similar products;
unanticipated costs incurred in connection with the termination of
existing distribution agreements or the transition to new
distributors; changes in the price and/or availability of raw
materials; other supply issues, including the availability of
products and/or suitable production facilities including
limitations on co-packing availability including retort production;
product distribution and placement decisions by retailers; the
effects of retailer and/or bottler/distributor consolidation on our
business; unilateral decisions by bottlers/distributors, buying
groups, convenience chains, grocery chains, mass merchandisers,
specialty chain stores, e-commerce retailers, e-commerce websites,
club stores and other customers to discontinue carrying all or any
of our products that they are carrying at any time, restrict the
range of our products they carry, impose restrictions or
limitations on the sale of our products and/or the sizes of
containers for our products and/or devote less resources to the
sale of our products; changes in governmental regulation; the
imposition of new and/or increased excise sales and/or other taxes
on our products; our ability to adapt to the changing retail
landscape with the rapid growth in e-commerce retailers and
e-commerce websites; criticism of energy drinks and/or the energy
drink market generally; changes in U.S. tax laws as a result of any
legislation proposed by the current U.S. presidential
administration or U.S. Congress; the impact of proposals to limit
or restrict the sale of energy drinks to minors and/or persons
below a specified age and/or restrict the venues and/or the size of
containers in which energy drinks can be sold; possible recalls of
our products and/or the consequences and costs of defective
production; or our ability to absorb, reduce or pass on to our
bottlers/distributors increases in commodity costs, including
freight costs. For a more detailed discussion of these and other
risks that could affect our operating results, see the Company’s
reports filed with the Securities and Exchange Commission,
including our annual report on Form 10-K for the year ended
December 31, 2021, and our subsequently filed quarterly reports.
The Company’s actual results could differ materially from those
contained in the forward-looking statements. The Company assumes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
(tables below)
MONSTER BEVERAGE CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME AND OTHER INFORMATIONFOR THE THREE- AND
NINE-MONTHS ENDED SEPTEMBER 30, 2022 AND 2021(In
Thousands, Except Per Share Amounts)
(Unaudited)
|
Three-Months Ended |
|
Nine-Months Ended |
|
September 30, |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net sales¹ |
$ |
1,624,286 |
|
|
$ |
1,410,557 |
|
|
$ |
4,798,119 |
|
|
$ |
4,116,308 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
790,561 |
|
|
|
621,399 |
|
|
|
2,407,867 |
|
|
|
1,775,375 |
|
|
|
|
|
|
|
|
|
Gross profit¹ |
|
833,725 |
|
|
|
789,158 |
|
|
|
2,390,252 |
|
|
|
2,340,933 |
|
Gross profit as a percentage
of net sales |
|
51.3 |
% |
|
|
55.9 |
% |
|
|
49.8 |
% |
|
|
56.9 |
% |
|
|
|
|
|
|
|
|
Operating expenses |
|
415,795 |
|
|
|
344,694 |
|
|
|
1,199,883 |
|
|
|
956,346 |
|
Operating expenses as a
percentage of net sales |
|
25.6 |
% |
|
|
24.4 |
% |
|
|
25.0 |
% |
|
|
23.2 |
% |
|
|
|
|
|
|
|
|
Operating income¹ |
|
417,930 |
|
|
|
444,464 |
|
|
|
1,190,369 |
|
|
|
1,384,587 |
|
Operating income as a
percentage of net
sales |
|
25.7 |
% |
|
|
31.5 |
% |
|
|
24.8 |
% |
|
|
33.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
(expense), net |
|
2,149 |
|
|
|
(2,290 |
) |
|
|
(11,932 |
) |
|
|
(2,179 |
) |
|
|
|
|
|
|
|
|
Income before provision for
income taxes¹ |
|
420,079 |
|
|
|
442,174 |
|
|
|
1,178,437 |
|
|
|
1,382,408 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
97,692 |
|
|
|
104,969 |
|
|
|
288,487 |
|
|
|
326,247 |
|
Income taxes as a percentage
of income before taxes |
|
23.3 |
% |
|
|
23.7 |
% |
|
|
24.5 |
% |
|
|
23.6 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
322,387 |
|
|
$ |
337,205 |
|
|
$ |
889,950 |
|
|
$ |
1,056,161 |
|
Net income as a percentage of
net sales |
|
19.8 |
% |
|
|
23.9 |
% |
|
|
18.5 |
% |
|
|
25.7 |
% |
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.61 |
|
|
$ |
0.64 |
|
|
$ |
1.68 |
|
|
$ |
2.00 |
|
Diluted |
$ |
0.60 |
|
|
$ |
0.63 |
|
|
$ |
1.66 |
|
|
$ |
1.97 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common stock and common stock equivalents: |
|
|
|
|
|
|
|
Basic |
|
526,797 |
|
|
|
528,997 |
|
|
|
528,263 |
|
|
|
528,618 |
|
Diluted |
|
533,300 |
|
|
|
535,915 |
|
|
|
534,599 |
|
|
|
535,554 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in
192-ounce case equivalents) |
|
182,460 |
|
|
|
159,975 |
|
|
|
535,451 |
|
|
|
459,991 |
|
Average net sales per
case2 |
$ |
8.72 |
|
|
$ |
8.78 |
|
|
$ |
8.79 |
|
|
$ |
8.91 |
|
|
|
|
|
|
|
|
|
¹Includes $10.0 million and $10.4 million for
the three-months ended September 30, 2022 and 2021, respectively,
related to the recognition of deferred revenue. Includes $30.0
million and $31.3 million for the nine-months ended September 30,
2022 and 2021, respectively, related to the recognition of deferred
revenue.
2Excludes Alcohol segment net sales of $26.8
million for the three-months ended September 30, 2022, as these
sales do not have unit case equivalents. Excludes Other segment net
sales of $6.4 million and $6.3 million for the three-months ended
September 30, 2022 and 2021, respectively, comprised of net sales
of AFF Third-Party Products to independent third-party customers,
as these sales do not have unit case equivalents. Excludes Alcohol
segment net sales of $74.5 million for the nine-months ended
September 30, 2022, as these sales do not have unit case
equivalents. Excludes Other segment net sales of $18.4 million and
$20.0 million for the nine-months ended September 30, 2022 and
2021, respectively, comprised of net sales of AFF Third-Party
Products to independent third-party customers, as these sales do
not have unit case equivalents.
MONSTER BEVERAGE CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETSAS OF SEPTEMBER 30, 2022 AND DECEMBER 31,
2021(In Thousands, Except Par Value)
(Unaudited)
|
|
September 30,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,303,048 |
|
|
$ |
1,326,462 |
|
Short-term investments |
|
|
1,346,781 |
|
|
|
1,749,727 |
|
Accounts receivable, net |
|
|
1,051,642 |
|
|
|
896,658 |
|
Inventories |
|
|
862,977 |
|
|
|
593,357 |
|
Prepaid expenses and other
current assets |
|
|
112,294 |
|
|
|
82,668 |
|
Prepaid income taxes |
|
|
19,949 |
|
|
|
33,238 |
|
Total current assets |
|
|
4,696,691 |
|
|
|
4,682,110 |
|
|
|
|
|
|
INVESTMENTS |
|
|
72,373 |
|
|
|
99,419 |
|
PROPERTY AND EQUIPMENT,
net |
|
|
485,550 |
|
|
|
313,753 |
|
DEFERRED INCOME TAXES,
net |
|
|
195,511 |
|
|
|
225,221 |
|
GOODWILL |
|
|
1,412,941 |
|
|
|
1,331,643 |
|
OTHER INTANGIBLE ASSETS,
net |
|
|
1,225,826 |
|
|
|
1,072,386 |
|
OTHER ASSETS |
|
|
115,913 |
|
|
|
80,252 |
|
Total Assets |
|
$ |
8,204,805 |
|
|
$ |
7,804,784 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable |
|
$ |
520,198 |
|
|
$ |
404,263 |
|
Accrued liabilities |
|
|
198,692 |
|
|
|
210,964 |
|
Accrued promotional
allowances |
|
|
281,650 |
|
|
|
211,461 |
|
Deferred revenue |
|
|
42,608 |
|
|
|
42,530 |
|
Accrued compensation |
|
|
61,426 |
|
|
|
65,459 |
|
Income taxes payable |
|
|
17,143 |
|
|
|
30,399 |
|
Total current liabilities |
|
|
1,121,717 |
|
|
|
965,076 |
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
226,294 |
|
|
|
243,249 |
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
41,034 |
|
|
|
29,508 |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
Common stock -
$0.005 par value; 1,250,000 shares authorized; 641,245 shares
issued and 523,965 shares outstanding as of September 30,
2022; 640,043 shares issued and 529,323 shares outstanding as
of December 31, 2021 |
|
3,206 |
|
|
|
3,200 |
|
Additional paid-in
capital |
|
|
4,736,141 |
|
|
|
4,652,620 |
|
Retained earnings |
|
|
8,699,499 |
|
|
|
7,809,549 |
|
Accumulated other
comprehensive loss |
|
|
(224,455 |
) |
|
|
(69,165 |
) |
Common stock in
treasury, at cost; 117,280 and 110,720 shares as of September
30, 2022 and December 31, 2021, respectively |
|
(6,398,631 |
) |
|
|
(5,829,253 |
) |
Total stockholders’ equity |
|
|
6,815,760 |
|
|
|
6,566,951 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
8,204,805 |
|
|
$ |
7,804,784 |
|
CONTACTS: Rodney
C. SacksChairman and Co-Chief Executive Officer(951) 739-6200
Hilton H. SchlosbergVice Chairman and Co-Chief Executive
Officer(951) 739-6200
Roger S. Pondel / Judy Lin SfetcuPondelWilkinson Inc.(310)
279-5980
Monster Beverage (NASDAQ:MNST)
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