CORONA, Calif., USA – Monster Beverage Corporation announced that its Board of Directors has authorized a new share repurchase program for the repurchase of up to an additional $500.0 million of the Company’s outstanding common stock. As of August 19, 2024, no amount remained available for repurchase under the Company’s previously authorized repurchase program.
The Company expects to make the share repurchases from time to time in the open market, through privately-negotiated transactions, by block-purchase or through other transactions managed by broker-dealers, or otherwise, subject to applicable laws, regulations and approvals.
The timing of the share repurchases will depend on a variety of factors, including market conditions, and the share repurchases may be suspended or discontinued at any time.
On August 7th, 2024, Monster Beverage Corporation reported financial results for the three- and six-months ended June 30, 2024
Net sales for the 2024 second quarter increased 2.5 percent to $1.90 billion, from $1.85 billion in the same period last year.
Net sales for the six-months ended June 30, 2024 increased 6.9 percent to $3.80 billion, from $3.55 billion in the comparable period last year. Net changes in foreign currency exchange rates had an unfavorable impact of $132.0 million on net sales for the six-months ended June 30, 2024. Net sales on a foreign currency adjusted basis increased 10.6 percent in the six-months ended June 30, 2024.
Gross profit as a percentage of net sales for the six-months ended June 30, 2024 was 53.9 percent, compared with 52.7 percent in the comparable period last year.
Operating expenses for the six-months ended June 30, 2024 were $977.5 million, compared with $863.2 million in the comparable period last year.
Operating income for the six-months ended June 30, 2024 increased to $1.07 billion, from $1.01 billion in the comparable period last year.
