Celsius Holdings Shares Rise After Beating Earnings and Revenue Estimates
2174% Earnings Surprise, 337% Revenue Surprise
BOCA RATON, Fla.--(BUSINESS WIRE)--
CELSIUS Holdings, Inc. (NASDAQ: CELH) ("CELSIUS" or the "Company"), maker of CELSIUS®, the leading global fitness drink, today announced financial results for the second quarter ended June 30, 2024. For the quarter, the Company reported revenue of $401.98 million, a 23.4% increase over the $325.92 million reported in the second quarter of 2023. This revenue growth was driven by strong demand for CELSIUS® energy drinks, both domestically and internationally. CELSIUS® reported diluted earnings per share of $0.37 for the second quarter of 2024, compared to diluted earnings per share of $0.11 for the second quarter of 2023, an increase of 2174%. This earnings growth was driven by the Company's continued focus on cost optimization and operational efficiency. The Company's gross margin for the second quarter of 2024 was 52.0%, compared to 49.5% for the second quarter of 2023. This improvement in gross margin was driven by the Company's ongoing efforts to improve its product mix and reduce its cost of goods sold. CELSIUS® ended the second quarter of 2024 with $169.4 million in cash and cash equivalents, compared to $96.7 million at the end of the first quarter of 2024. This increase in cash and cash equivalents was driven by the Company's strong operating cash flow. "We are very pleased with our financial results for the second quarter of 2024," said John Fieldly, Chairman and Chief Executive Officer of CELSIUS®. "Our continued focus on innovation, brand building, and operational efficiency is driving strong growth in both revenue and earnings. We are confident that we can continue to execute on our strategic plan and deliver long-term value for our shareholders."
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