Monster Beverage Corporation (NASDAQ: MNST ) stock was up on Thursday following the release of its earnings report for the fourth quarter of 2016.
Earnings per share reported by Monster Beverage Corporation for the fourth quarter of 2016 was 30 cents. This is an increase over MNST's earnings per share of 22 cents reported in the fourth quarter of 2015. It also matched analysts' earnings per share estimate for the fourth quarter of the year.
Operating income reported by Monster Beverage Corporation for the fourth quarter of 2016 was $251.7 million . The beverage company reported operating income of $228.4 million in the same period of the year prior.
During the fourth quarter of the year, Monster Beverage Corporation reported net income of $172.9 million. This is an increase over the net income of $138.7 million that MNST reported during the same time in 2015.
Monster Beverage Corporation also announced a new share repurchase program in its recent earnings report. The company is setting back $500 million for the repurchase of outstanding common shares.
"We are pleased to report continued progress on the strategic alignment of our distribution system with Coca-Cola bottlers, both domestically and internationally," Rodney Sacks, Chairman and CEO of Monster Beverage Corporation, said in a statement. "In the United States, we continue to see improvements in the quality of our distribution, particularly in the food service channel."
MNST stock was up 12% as of Thursday afternoon.
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