May 7 (Reuters) – Monster Beverage beat Wall Street expectations for first-quarter revenue and profit on Thursday, as demand for energy drinks remained strong despite broader economic uncertainty.
Health-conscious customers have been increasingly choosing energy and sugar-free drinks over regular sodas, with demand holding firm even as inflation squeezes household budgets.
• Peers PepsiCo and Coca-Cola last month both topped quarterly expectations on resilient demand for their beverages.
• Shares of the company were up 5% in extended trading.
• “The global energy drink category continues to demonstrate solid growth, driven by increased consumer demand,” said CEO Hilton H. Schlosberg.
• Quarterly sales in the energy drinks segment, Monster’s largest, rose 27.6% from a year earlier to $2.19 billion, while alcohol brands’ sales fell 5.9% to $32.7 million.
• Monster’s first-quarter net sales rose 26.9% from a year earlier to $2.35 billion, compared with analysts’ estimates of a 16% rise to $2.16 billion, according to data compiled by LSEG.
• The Corona, California-based company posted a first-quarter adjusted profit of 58 cents per share, compared with estimates of 53 cents apiece.
(Reporting by Koyena Das in Bengaluru; Editing by Jonathan Ananda)
