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Monster Beverage shares dip after slight miss on revenue

Investing.com -- Shares of Monster Beverage Corp (NASDAQ:MNST) were falling in after-hours trading after slightly missing on revenue in the third quarter.

The company reported earnings of 43 cents a share on revenue of $1.86 billion, up 14%. Analysts expected earnings of 40 cents a share on revenue of $1.87 billion.

Co-CEO Hilton Schlosberg said the energy drink market in the U.S. and internationally continues to grow. “We are pleased to report another quarter of solid revenue growth, with record sales for the third quarter.”

Net sales for Monster’s energy drinks segment rose 13.7% to $1.71 billion. Net sales for alcohol brands rose 57.8% to $42.3 million.

Net sales for the strategic brands segment, including the energy drink brands acquired from Coca-Cola (NYSE:KO), rose 11.2% to $98.9 million.

Net sales for the alcohol brands segment rose 57.8% to $42.3 million.

Shares are down 3% in after-hours trading but are up more than 3% so far this year.

 

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