By Maria Armental
Monster Beverage Corp. reported lower second-quarter sales as the coronavirus pandemic hit sales at its largest sales channel but pointed to a sequential sales improvement. Here's what you need to know:
PROFIT: Net income rose to $311.4 million, or 59 cents a share, from $292.5 million, or 53 cents a share a year earlier. Analysts surveyed by FactSet expected 49 cents a share.
REVENUE: Net sales fell to $1.09 billion from $1.1 billion a year earlier. Analysts expected $1.01 billion.
EXPENSES: Operating expenses fell to $252.2 million from $282.3 a year earlier. The company attributed the decline largely to a $19.8 million decline from sponsorship and endorsements and $10.1 million from travel and entertainment. In both cases, the company said, the decline was tied to the pandemic and said that costs for some of the postponed or rescheduled events could be deferred to future periods.
PANDEMIC: Company officials had said that the pandemic had hit sales during the quarter, including in its largest sales channel, convenience stores and gas stations, but said that sales improved sequentially throughout the quarter.
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(END) Dow Jones Newswires
August 04, 2020 16:43 ET (20:43 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.