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Investing.com — Monster Beverage reported Tuesday fourth-quarter results that fell short of estimates amid higher costs and a stronger dollar, and the beverage company announced a stock split.
Monster Beverage Corp (NASDAQ:MNST) shares lost more than 5% in after-hours trade following the report.
Monster Beverage announced earnings per share of $0.57 on revenue of $1.51 billion. Analysts polled by Investing.com anticipated EPS of $0.63 on revenue of $1.60B.
The company also approved a 2-for-1 stock split. Each stockholder of record on Mar. 13 will receive a dividend of one additional share of common stock for each then-held share, to be distributed after close of trading on Mar. 27.
Looking ahead, the company said price hikes would be phased in during the first of the year to offset higher costs.
“Certain price increases are being implemented on a phased approach during the first half of 2023, some in addition to price increases or pricing actions already taken in 2022,” the company said, adding that it would continue to cut higher cost inventories.
“We are continuing to deplete the remaining higher cost imported can inventories in the United States and in EMEA, which should be fully utilized during 2023,” it added.
