CORONA, Calif. (AP) — Monster Beverage's second-quarter profit and sales fell short of Wall Street projections, but the energy drink maker's shares rose in aftermarket trading.
The company said Thursday that its net income climbed after it swapped some drink brands with Coca-Cola Co., which also made a sizeable investment in Monster. In the $2.15 billion deal, Monster took over Coca-Cola's energy drink business, including the NOS and Full Throttle drinks, while Monster's non-energy drink business, which includes Hansen's Natural Sodas, was transferred to Coca-Cola. The Atlanta-based company also took a 16.7 percent stake in Monster.
Monster Beverage Corp. said its net income jumped 62 percent to $229 million, or $1.26 per share, in the second quarter. Excluding gains from its deal with Coca-Cola and other one-time items, the company said it earned 79 cents per share. Its revenue edged up 1 percent to $693.7 million.
Analysts expected net income of 90 cents per share and $752.9 million in revenue, according to Zacks Investment Research.
The stock gained $7.13, or 5 percent, to $142 aftermarket. Earlier in the session it traded as low as $128.88.
Shares of the Corona, California-based company have more than doubled in value over the last year, and they closed at $144.87 on Thursday.