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Monster Shares Drop On 2Q Miss
Fri, 08/10/2012 - 9:31am

CORONA, Calif. (AP) — Monster Beverage Corp. reported explosive growth in its second quarter as consumers downed more of its energy drinks, but its shares fell in after-hours trading Wednesday as the results missed analysts' expectations.

The Corona, Calif.-based company earned $109.8 million, or 59 cents per share, for the quarter that ended June 30. That's up from $84.2 million, or 45 cents per share, the same quarter last year.

Sales rose 28 percent to $592.6 million. Operating expenses rose 22 percent, to $137.2 million.

The quarter's performance fell short of Wall Street's forecasts. Analysts polled by FactSet thought the company would earn 61 cents per share on revenue of $595 million.

Monster expanded into Ecuador, Hong Kong, Japan, Macau and Slovenia during the quarter. It plans launches into new international markets later this year and into 2013.

Shares fell $5.81, or 8.6 percent, to $61.96 in after-hours trading. The stock lost $1.09 to close at $67.77 in the regular session.

 

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