Why Monster Beverage Stock Is Bubbling Up Today
Shares of energy drink veteran Monster Beverage (NASDAQ: MNST) gained as much as 10.3% on Friday, reaching that peak at 11:25 a.m. ET. The stock lost some of that fizz as the day moved on, sitting as a single-day increase of 6.5% two hours later. Monster's solid third-quarter earnings report inspired the market pop.
Third-quarter net sales rose 15% year over year to $1.62 billion. This result included a foreign currency headwind that reduced top-line revenues by $71 million. On the bottom line, earnings fell 4% to $0.60 per diluted share.
These headline figures were largely in line with the consensus estimates among analysts. Earnings came in a bit higher than expected, while revenues stopped just short of Wall Street's targets, but both of these surprises were essentially rounding errors.
Source Fool.com
