Monster Beverage Q2 2024 Earnings Report
Key Takeaways
Monster Beverage Corporation reported a 2.5% increase in net sales for the second quarter of 2024, reaching $1.90 billion. Despite unfavorable foreign currency exchange rates, the company saw growth in its Monster Energy Drinks and Strategic Brands segments. Gross profit margins improved due to decreased freight costs and lower aluminum can costs. The company is planning a price increase in the United States effective November 1, 2024.
Net sales increased by 2.5% to $1.90 billion in the second quarter of 2024.
Monster Energy Drinks segment net sales rose by 3.3% to $1.74 billion.
Strategic Brands segment net sales increased by 9.6% to $109.2 million.
Net income per diluted share increased 5.0% to $0.41.
Monster Beverage
Monster Beverage
Monster Beverage Revenue by Segment
Monster Beverage Revenue by Geographic Location
Forward Guidance
Monster Beverage plans to implement a 5% price increase on core brands and packages in the United States, effective November 1, 2024. They also plan to launch Monster Energy® Ultra Vice Guava™ in the United States in October. Predator Energy® Gold Strike, launched in April 2024 in selected provinces in China, has been well received and plans are underway to continue its rollout into more markets in China later this year and in 2025.
Positive Outlook
- Innovation continues to play a key role in strategy.
- Innovation has been well received by bottlers/distributors, wholesalers, retailers and consumers.
- Planning to launch Monster Energy® Ultra Vice Guava™ in the United States in October.
- Response to Predator Energy® Gold Strike, launched in April 2024 in selected provinces in China, has been positive.
- The Beast Unleashed® is now available in all 50 states.
Revenue & Expenses
Visualization of income flow from segment revenue to net income