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Monster Beverage Corporation (MNST-1.46%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $1.88 billion, a 1.3% increase from $1.86 billion in the same quarter the previous year. The increase is attributed to pricing actions and increased consumer demand.
Gross profit for the quarter was $999.8 million, up from $983.8 million in the previous year. The gross profit margin increased to 53.2% from 53.0%, aided by lower input costs and pricing actions.
Operating expenses rose to $519.9 million from $473.2 million, primarily due to increased payroll and marketing expenses.
Operating income decreased to $479.9 million from $510.5 million, with the decline attributed to higher operating expenses.
Interest and other income (expense), net, was $(5.8) million, compared to $71.4 million in the previous year. The decrease was due to lower interest income and the absence of a prior year's gain related to the Bang Transaction.
Net income for the quarter was $370.9 million, down from $452.7 million in the previous year. The decline is attributed to increased operating expenses and decreased interest income.
Cash provided by operating activities was $1.47 billion for the nine-months ended September 30, 2024, compared to $1.28 billion in the previous year.
Cash used in financing activities was $2.97 billion, primarily due to share repurchases and borrowings under credit facilities.
The company repurchased approximately 10.6 million shares of its common stock during the quarter, exhausting the availability under the November 2023 Repurchase Plan.
Monster Beverage Corporation continues to focus on expanding its international business and developing new product sectors, including the alcohol beverage sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Monster Beverage Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.