Monster Beverage Q1 net sales $1.90B (+11.8% YoY); announces $3B tender offer; CEO succession plan

Monster Beverage Corp

Q1 net sales $1.90B, +11.8% YoY; diluted EPS $0.42 (+12%); adjusted for FX net sales +15.6%.
Gross margin improved to 54.1% from 52.8%; operating income $542.0M vs $485.1M.
Plans $3B Dutch auction tender offer for common stock; funded by $2B cash + $1B new credit facilities.
Co-CEO Sacks to reduce day-to-day role in 2025; Schlosberg to become sole CEO; Sacks remains Chairman.
Remaining share repurchase authorization $642.4M as of May 2, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Monster Beverage Corp reported the three-months ended March 31, 2024 results: revenue $1.90 billion, net income $442.0 million.

Period: the three-months ended March 31, 2024
Revenue: $1.90 billion
Net income: $442.0 million
Result: reported results

Exact text from the filing

MONSTER BEVERAGE REPORTS 2024 FIRST QUARTER RESULTS -- Record First Quarter Net Sales Rise 11.8 Percent to $1.90 Billion -- -- Net Sales, Adjusted for Adverse Changes in Foreign Currency of $64.4 Million, Rise 15.6 Percent (12.6 Percent Exclusive of Argentina’s Impact) -- -- First Quarter Gross Profit as a Percentage of Net Sales Improves to 54.1 Percent -- -- First Quarter Net Income Increases 11.2 Percent to $442.0 Million -- -- Company Currently Intends to Commence Tender Offer to Repurchase up to $3.0 Billion of Common Stock -- Corona, CA – May 2, 2024 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three-months ended March 31, 2024.

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Source: SEC EDGAR

accession 0001104659-24-056393

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