Summary by Moomoo AI
Monster Beverage Corporation reported record Q2 2024 net sales of $1.90 billion, up 2.5% from $1.85 billion in Q2 2023, driven by increased worldwide Monster Energy drink sales and pricing actions. Gross profit rose 4.6% to $1.02 billion, with margins improving to 53.6% from 52.5%. Net income increased 2.8% to $425.4 million, or $0.41 per diluted share.The Monster Energy Drinks segment generated net sales of $1.74 billion, up 3.3%, while Strategic Brands revenue grew 9.6% to $109.2 million. International sales reached $746.0 million, representing 39% of total revenue. Foreign currency exchange rates had an unfavorable impact of $67.7 million on net sales. Energy drink case sales increased 6.9% to 212.2 million cases.The company completed a $3.0 billion modified "Dutch auction" tender offer in June 2024, purchasing approximately 56.6 million shares at $53.00 per share. The repurchase was funded with $2.25 billion cash on hand and $750 million in borrowings. Operating expenses increased 9.3% to $492.3 million, primarily due to higher selling, marketing and payroll expenses.
