Summary by Moomoo AI
Monster Beverage Corporation reported Q3 2024 net sales of $1.88 billion, up 1.3% from $1.86 billion in Q3 2023, marking record third-quarter sales despite foreign currency headwinds of $62.8 million. The Monster Energy Drinks segment contributed 91.6% of net sales at $1.72 billion, while Strategic Brands revenue grew 14% to $112.6 million.Gross profit increased 1.6% to $999.8 million, with gross margin improving to 53.2% from 53.0%, driven by lower input costs and pricing actions. However, operating expenses rose 9.9% to $519.9 million due to increased payroll costs and marketing expenses. Operating income declined 6% to $479.9 million, with operating margin decreasing to 25.5% from 27.5%.Net income fell 18.1% to $370.9 million compared to $452.7 million in Q3 2023, impacted by higher operating expenses and lower interest income. The company repurchased approximately 11.3 million shares for $539.9 million during the quarter and implemented a 5% price increase on core brands effective November 2024. International sales represented 40% of total revenue at $760.1 million.
