Monster Beverage Corp. shares dropped more than 7% in late trading Aug. 7 after the energy drink company reported second-quarter earnings that were below Street expectations.
Corona, Calif.-based Monster reported diluted EPS for the quarter ended June 30 of 53 cents, an 11.9% increase from 48 cents in the year-ago period but below the S&P Global Market Intelligence mean consensus estimate for GAAP EPS of 56 cents.
Net income for Monster came in at $292.5 million, up 8.3% from $270.1 million in the same quarter in 2018. Analysts expected Monster to post $306.7 million in GAAP net income for the quarter, according to Market Intelligence.
Net sales for the quarter increased to $1.10 billion, up 8.7% from $1.02 billion in the same period a year ago but below the $1.13 billion expected by analysts, according to Market Intelligence. Foreign currency exchange dropped net sales by $25.9 million during the quarter, Monster said.
Shares in Monster were down 7.3% in after-hours trading Aug. 7 to $56. The beverage-maker reported earnings after U.S. markets closed.