Monster Beverage stock rises on earnings beat
Monster Beverage Corp. shares rose in the extended session Tuesday after the beverage company topped Wall Street estimates for the quarter. Monster shares rose 3.2% after hours, following a 0.2% rise in the regular session to close at $78.01. The company reported second-quarter net income of $311.4 million, or 59 cents a share, compared with $292.5 million, or 53 cents a share, in the year-ago period. Revenue declined to $1.09 billion from $1.1 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 49 cents a share on revenue of $1.01 billion. "Currently, the company does not foresee a material impact on the ability of its co-packers to manufacture and its bottlers/distributors to distribute its products as a result of the COVID-19 pandemic," Monster said in a statement. "In addition, the company is not experiencing raw material or finished product shortages in its supply chain."
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