Monster Beverage reported a 12% jump in first-quarter revenue on Thursday, helped by steady demand for the energy drink maker's high-priced juices as well as easing freight costs.
Demand for the company's energy drinks, including Monster Energy and Tour Water, held as inflation-weary customers stretched their budgets to spend on at-home meals and beverages.
Last month, peer Keurig Dr Pepper and larger peer Coca-Cola also reported an upswing in consumer demand for their beverages.
For the three months ended March 31, the company posted net sales of $1.90 billion, in line with market expectations.
Price hikes undertaken by Monster Ultra maker over the past quarters helped it shield margins from rising costs of aluminum and sugar.
Gross profit as a percentage of net sales for the first quarter was 54.1% compared with 52.8% in the prior year, bolstered by lower input costs.
(Reporting by Anuja Bharat Mistry and Aatrayee Chatterjee in Bengaluru; Editing by Tasim Zahid)
