tumbled 8% Thursday after the energy-drink maker delayed releasing its third-quarter earnings and posted sales for the period that were slightly below estimates.
The company said its net sales surged 69% to $178.5 million from $105.4 million. Analysts, on average, had forecast sales of $178.9 million, according to Thomson First Call.
Hansen said its sales growth for the quarter represents strong sales of its Monster Energy brand drink, as well as the launch of its Ace Energy drink and greater distribution of Joker Mad Energy beverage. The company also said that, to a lesser extent, sales were boosted by an increase in volumes of teas, lemonades and juice cocktails.
Hansen delayed releasing earnings figures because of an ongoing investigation into its stock option grants.
The company had already disclosed on Monday that the
Securities and Exchange Commission
planned to launch an informal probe into the company's grant practices. At the time, Hansen said it was unsure if it will be able to release its third-quarter results, or file its quarterly report, on time.
The company said Thursday that pending the conclusion of its own investigation into options grants, it decided to report only selected information for the third quarter. The company said it will file its quarterly report for the period as soon as practicable.
Shares of Hansen recently were down $2.44 to $26.58.