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Monster posts higher quarterly profits

Monster Beverage Corp. posted a 16.4% year-over-year increase in 2017 fourth-quarter net profit to $201.3 million, up from $172.9 million in the 2016 fourth quarter.

The beverage company's earnings per share also increased to 35 cents from 30 cents in year ago quarter.

Net sales during the quarter grew to $810.4 million, increasing from $753.8 million from the previous-year quarter. The company's operating income also grew to $267.1 million from $251.7 million.

Monster's effective tax rate for the fourth quarter of 2017 was 24.8%, down from 29.9% in the prior-year period, mainly due to an increase of $69.2 million in the stock compensation deduction related to excess tax benefits that are recorded in net income.

This deduction was partially offset by a $2.1 million one-time charge related to the new U.S. tax law and a provisional charge of $39.8 million associated with revaluation of the company's deferred tax assets.

Net income for fiscal year 2017 rose 15.15% to $820.7 million, up from $712.7 million. Earnings per share came in at $1.42, up from $1.19 the previous year. Net sales for the year were $3.37 billion, from $3.05 billion in 2016.