Monster Beverage (MNST) is popping in trading Friday, gaining 6.5%, after the company reported better-than-expected first-quarter results after the closing bell.
The Corona, CA-based drink maker reported net income of $261.5 million, or 48 cents per share on an adjusted basis, on revenue of $946 million. Analysts were expecting the company to report earnings of 43 cents per share on revenue of $916.3 million.
The company touted its distribution partnership with Coca-Cola (KO) in its press release.
"Record gross and net sales in the 2019 first quarter were again driven by growth in our Monster Energy® brand energy drinks, new Monster Energy® brand energy drink introductions, as well as the launch of our Reign Total Body Fuel™ high performance energy drinks," said CEO Rodney Sacks. "Our strategic alignment with the Coca-Cola system bottlers in the United States is now complete, following the assignment of the Kalil Bottling Group's distribution territories in March 2019 and the transition of the Big Geyser Inc. territory in April 2019."