Monster’s Gross Margin Falters in 4Q; Shares Trending toward Fair Value but Remain Expensive
Narrow-moat Monster Beverage’s fourth-quarter results fell slightly short of our expectations, with net sales growing 7.5% over last year (versus our 10% expectation) and gross margin falling 4% over the year prior to 62.1% (below our expectation for around 64%). While we acknowledge the firm was lapping a challenging comparison (gross margin increased 360 basis points in the fourth quarter of 2016, due to a decrease in promotional allowances and reduced contribution from lower-margin Java Monst...
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