Monster Beverage Shares Fall 5% After Hours On 4Q Miss

By Kathryn Hardison

Shares of Monster Beverage Corp. slid 5.5% to $96.20 in after-hours trading after the beverage company's fourth-quarter profit and revenue missed Wall Street views.

The company said profit fell to $301.7 million, or 57 cents per share, from $321.3 million, or 60 cents per share, the year prior. Analysts polled by FactSet expected a profit of 61 cents.

Sales increased 6.2% to $1.51 billion, below the $1.60 billion analysts expected. Monster Beverage said foreign exchange fluctuations weighed on sales.

Operating expenses were also higher during the quarter due to warehousing and other logistical expenses, as well as higher payroll costs and general and administrative expenses.

Co-Chief Executive Officer Hilton Schlosberg said the company is implementing some price increases on a phased approach during the first half of 2023 to help offset higher costs.

Cost inflation, including energy costs overseas and ingredient and input costs, remain challenging, he said.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

February 28, 2023 17:06 ET (22:06 GMT)

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