Bloomberg News

Monster Beverage  (MNST - Get Report) soared 10% Thursday to $64.49 after the company reported quarterly results that beat estimates on both the top and bottom lines.

The beverage company said fourth-quarter net income was $239.1 million, or 43 cents a share, on net sales of $924.2 million. Zacks Consensus Estimate was earnings of 40 cents a share on $895.8 million in revenue.

The company said gross sales were up 13.7% to $1.06 billion, net sales up 14.1% and net income up 18.8%.

For 2018, the company reported net sales of $3.81 billion, a 13% increase from $3.37 billion in 2017, with gross sales increasing 14.7% to $4.43 billion from $3.86 billion the prior year.

Net income jumped 21% to $993 million from $820.7 million in 2017. On a per-share basis, earnings in 2018 were $1.76, up from $1.42 the prior year.

Monster's earnings beat was driven by strong sales of its popular Monster Energy drinks. Net sales for Monster Energy Drinks segment grew 15.9% to $853.3 million in the fourth quarter.

"We are pleased to report record net sales for both our 2018 fiscal fourth quarter and 2018 full year, driven by growth in our Monster Energy brand energy drinks and new energy drink introductions," Rodney Sacks, Monster Beverage chairman and CEO said in a statement

Monster's effective tax rate for 2018 was 23.2%, lower than 2017's 31.7%.

The stock has gained more than 33% year to date.