Monster Beverage soars 15 percent after beating on revenue
Shares of Monster Beverage, the hugely popular American energy drinks manufacturer, are up over 15% Thursday morning after the company reported fourth-quarter 2016 results that beat Wall Street expectations.
Monster's earnings rose to $0.30 per share, from $0.22 a year ago, meeting analyst expectations.
The company, however, reported higher than expected sales that helped boost the stock. Revenue rose 16.8% year-over-year to $753.8 million.
As for the $46.3 million of distribution termination expenses incurred during Q4 2016, the company said it led to a negative impact on earnings of $0.05 per share, after tax.
The company announced it will buy back up to $500 million worth of stock.
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