Monster Beverage Corp. (MNST) on Wednesday reported a decline in profit for the first quarter, reflecting mainly higher operating expenses from the year-ago quarter.
Net income for the current quarter decreased to $63.4 million or $0.37 per share from $76.0 million or $0.41 per share in the same period last year. Operating expenses for the current quarter rose to $144.7 million from $114.8 million in the year-ago quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, net sales totaled $484.22 million, up from $454.60 million in the prior year, while seven analysts expected to see revenues of $501.74 million.
In addition, the company in the latest first quarter said it purchased about 256,820 thousand common shares for $51.99 per share.
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