C - Celsius Holdings rallies 21% after more than doubling sales in Q2
2023-08-09 13:28:04 ET
Celsius Holdings ( NASDAQ: CELH ) skyrocketed in afternoon trading on Wednesday after the beverage company sailed past consensus estimates with its Q2 earnings report .
Revenue jumped 112% year-over-year during the quarter to a record level of $326M. North American revenue grew 114% to $311M, driven by continued gains in distribution points, increase in average SKUs per location, accelerated Club Channel growth, and increased sales and marketing investments. International revenue rose 76% to $15.1M, driven by new flavor innovation and brand awareness. Gross profit as a percentage of revenue was 48.8% for the quarter vs. 38.5% last year. Lower package and raw material unit cost, reduced product waste/scrap, and improved inbound and outbound freight efficiency all helped to boost margins during the quarter.
"We continue to further leverage PepsiCo’s best in class distribution system," noted Celsius CEO John Fieldly. During the earnings call, Celsius ( CELH ) management also highlighted the distribution deal with retailers such as with Sam's, BJ's and Costco that is helping to broaden exposure to the brand.
Shares of Celsius Holdings ( CELH ) were up 21.71% at 1:27 p.m and carved out a new all-time high of $175.28 earlier in the session. The beverage stock has the second best year-to-date and 52-week return in the sector, trailing only Vita Coco ( COCO ).
More on Celsius Holdings:
- Celsius earnings call transcript
- Growth metrics on Celsius Holdings
- Valuation metrics on Celsius Holdings
- Seeking Alpha's Quant Rating for Celsius Holdings
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Celsius Holdings rallies 21% after more than doubling sales in Q2