Investing.com -- Monster Beverage (NASDAQ:MNST) shares inched up in after-hours trading after the California-based energy drink company posted mixed results in the second quarter, as it continues to make a considerable adjustment from a transformative deal with Coca-Cola Company (NYSE:KO) last summer.
During Monster Beverage's second quarter, which ended in late-June, the company saw its revenues surge 19.3% to $827.5 million, topping analysts' expectations of $804 million. It came roughly a year after Coca-Cola completed a $2.15 billion last June to buy a 16.7% stake in the popular energy drink company. As part of the agreement, Coke became Monster's preferred distributor while acquiring its non-energy drink assets such as Peace Tea and Hansen's Natural Soda's in an asset-swap. In return, Monster received Coke's energy-drink portfolio, including brands like Burn and Mother.
Although Monster has done well in traditional Coca-Cola footholds, the company's performance has lagged in international distribution networks not dominated by the soft drink giant. This month, Monster began a partnership with eight Coca-Cola bottlers in Mexico. By November, the company will initiate distribution agreements with 10 bottlers located in Brazil.
Overall, Monster's earnings slipped to $184.2 million or 0.90 per share, down from $229 million or 1.26 over the same quarter last year. On an adjusted earnings per share basis, excluding one-time items, Monster reported an EPS of 0.99, up from 0.79 during the second quarter of 2015. Analysts expected to see adjusted per share earnings of 1.03 for the quarter.
Shares in Monster Beverage gained 1.93 or 1.22% to 160.52 in after-hours trading.