Despite the ongoing impact of the COVID-19 pandemic, Corona, CA-based Monster Beverage Corp. (Nasdaq: MNST) on Feb. 26 reported record financial results for the three and 12 months ended Dec. 31, 2020.
Net sales for the 2020 fourth quarter increased 17.6% to $1.20 billion, from $1.02 billion in the same period last year.
Net sales for the 2020 fourth quarter were negatively impacted by $15.2 million related to product returns from our customers as a result of a European formulation issue with a limited number of products in Europe and a labeling issue concerning one product in Japan. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2020 fourth quarter of $7.1 million.
Net sales for the company’s Monster Energy drinks segment, which primarily includes the Monster Energy and Reign Total Body Fuel high-performance energy drinks, increased 17.7% to $1.12 billion for the 2020 fourth quarter, from $953.2 million for the 2019 fourth quarter.
Monster’s net income for the 2020 fourth quarter increased 85% to $471.7 million, from $255.0 million in the 2019 fourth quarter. Net income per diluted share for the 2020 fourth quarter increased 87.5% to $0.88, from $0.47 in the fourth quarter of 2019.
Net sales for the 12months ended Dec. 31 increased 9.5% to $4.60 billion, from $4.20 billion in the comparable period last year. Net sales for 2020 were negatively impacted by $15.2 million related to product returns. Gross profit as a percentage of net sales for 2020 was 59%, compared with 60% in 2019.
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