Monster Beverage’s earnings were impacted by several factors in the third quarter of 2024. Specifically, an increase in inventory reserves due to excessive levels in the Alcohol Brands segment totaling $10.6 million (the “Alcohol Brands Inventory Reserves”). Operating expenses included a provision of $16.7 million and $1.2 million in legal expenses related to an intellectual property claim filed by the descendants of Hubert Hansen (the “Hansen Expenses”), related to the use of the Hubert Hansen name prior to the transaction with Coca-Cola in 2015. On a net basis, these factors reduced third quarter 2024 net income by $21.5 million and net income per diluted share by $0.02 per share.
Nevertheless, sales increased by 1.3 % to $1.88 billion, compared to $1.86 billion in the same period of 2023. Adjusted for foreign exchange, they increased 4.7%. The Monster Energy Beverages segment grew 3.9%. The Strategic Brands segment: grew 24.1% while alcohol brands decreased 6%.
As a percentage of net sales, it was 53.2% compared to 53.0% in 2023. Excluding Alcohol Brand Inventory Reserves, the margin was 53.7%.
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