The energy drink maker earned 80 cents a share during the quarter, six cents above forecasts. Revenue rose 16% to $680.18 million, above views for $656.8 million.
Case sales rose 25.6% to 72.6 million. Gross sales rose 9.5% to $777.5 million. Gross sales to customers outside the U.S. rose 31% to $184.4 million and overall gross profit widened to 62.2% from 58.9%.
Monster also announced a $2 billion share repurchase program via a modified “Dutch auction” tender offer.
“The continued strength of the U.S. dollar, distributor transitions and uncertainties in portions of our international non-Coca-Cola (KO) distribution network also impacted our results,” said CEO Rodney Sacks, in the earnings report.
Monster completed the acquisition of its principal flavor supplier, American Fruits and Flavors, on April 1. The move “secures our ownership of the unique intellectual property of many of our key flavors,” according to Sacks, who added that the company’s distribution deal with Coca-Cola bottlers abroad is progressing well. Monster Energy drinks will be on shelves in New Zealand and Australia in May through a partnership with Coca-Cola Amatil.
Coca-Cola, which distributes Monster’s drinks, took a 17% stake last year. Coca-Cola and Monster swapped drinks, with Coke giving Monster its energy drinks and Monster handing over its non-energy offerings.
Coca-Cola shares rose 0.4%.