IE Business Daily Business news for the Inland Empire.
Monster Beverage Inc., the Corona-based manufacturer of energy drinks, continues to post strong profits.
The publicly-traded company reported a net profit of $76.1 million, or 44 cents a share, during the final three months of 2013, according to the company’s latest earnings report, which it posted on its website last week.
That’s up from $67.9 million, or 39 cents a share, during the fourth quarter of 2012, a 12 percent year-to-year increase, according to the data.
Total sales for the fourth quarter of 2013 were $621 million, up from $545 million during the fourth quarter of 2012, a 14 percent increase.
Monster Beverage, which has the highest market share of any energy drink company in the United States, definitely perked up at the end of 2013, as its profits were more or less stagnant for the entire year: $338.7 million, down from $340 million in 2012.
Company officials blamed the flat profits on higher expenses.
Monster Beverage spent $18 million last year on professional services, including legal counsel. During the last two years, the company has had to fight a series of legal challenges that question the safety of its products, including a proposal by the state of Maryland to ban the sale of energy drinks to minors.
