Monster Beverage Corp. stock dropped more than 6% late Thursday after the company missed Wall Street views for its first quarter and said it was running against an aluminum-can shortage in North America and Europe.
said it earned $315.2 million, or 59 cents a share, in the quarter, compared with $278.8 million, or 52 cents a share, in the first quarter of 2020. Sales rose 17% to $1.24 billion, Monster said.
Analysts polled by FactSet expected Monster to report EPS of 70 cents on sales of $1.3 billion.
Monster said it doesn’t anticipate “material impact” on the ability of its co-packers to make, and bottlers to distribute, its products amid the ongoing pandemic, with the supply chain “largely intact.”
However, there’s a shortages in aluminum cans in North America and Europe, due to volume growth and supply constraints in the aluminum-can industry, it said.
For now, Monster has taken steps to source more cans from South America and Asia, but those could be delayed due to shipping or other logistical snags, it said.