Hansen earnings beat estimates
Hansen Natural Corp., the maker of Monster energy drinks, reported record sales for the second quarter and profit that beat analysts’ estimates. The stock closed at its highest in a year.
Net income rose to $38.1 million, or 39 cents a share, compared with $28.2 million, or 28 cents, for the same period last year. Analysts surveyed by Bloomberg had estimated an average profit of 37 cents a share.
Revenue for the period grew to $280.6 million from $182.1 million in the same quarter last year.
Shares of Corona-based Hansen rose $5.34, or 13%, to $46.92.
“The energy category continues to show strong growth over the prior year, and the Monster energy brand continues to increase market share,” Chief Executive Rodney C. Sacks said.
Hansen said Tuesday that the Securities and Exchange Commission had finished a probe of stock option grants and wouldn’t penalize the company.
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