Summary by Moomoo AI
Monster Beverage Corporation reported Q3 2024 net sales of $1.88 billion, up 1.3% year-over-year. Net income decreased 18.1% to $370.9 million, while gross profit rose 1.6% to $999.8 million. The Monster Energy Drinks segment saw a 0.8% increase in net sales to $1.72 billion.Operating expenses grew 9.9% to $519.9 million, primarily due to increased payroll and marketing costs. Foreign currency exchange rates negatively impacted net sales by approximately $62.8 million. The company's gross profit margin improved slightly to 53.2% from 53.0% in Q3 2023.International net sales increased 3.6% to $760.1 million, representing 40% of total net sales. The company repurchased approximately 11.3 million shares for $534.7 million during the quarter. As of September 30, 2024, Monster had $1.63 billion in cash and cash equivalents, with $500 million remaining available for share repurchases under its latest authorization.
