CORONA, Calif. (AP) — Energy drink maker Monster Beverage Corp. said Wednesday that its profit climbed 38 percent in the first quarter on better sales of its energy drinks.
The results surpassed Wall Street forecasts, and shares of Monster Beverage advanced $8.44, or 12.9 percent, to $73.75 in aftermarket trading. Late last month, the shares spiked briefly on a report in the Wall Street Journal that Coca-Cola Co. was in talks to acquire Monster. Coca-Cola later said no such talks were going on.
The company said its income rose to $76.1 million, or 41 cents per share, from $55 million, or 29 cents per share. Its net revenue grew 28 percent, to $454.6 million from $356.4 million.
Analysts were expecting a smaller profit of 38 cents per share and $446.6 million in revenue, according to FactSet.
Monster Beverage said sales of its energy drinks remained strong, and said growth for its Monster Rehab non-carbonated energy drinks continued. Since April it has started selling Monster Energy drinks in Hong Kong, Macau, Japan, and Ecuador, and it plans to launch them in other markets later in 2012.
Monster Beverage shares fell 18 cents to $65.31 in Wednesday trading.