Celsius stock drops 5% after revenue falls short of analyst estimate
By Steve Gelsi
Energy drink maker warns of 'inventory fluctuations'
Celsius Holdings Inc.'s stock was down by 5% on Tuesday after the energy drink and protein bar maker's revenue missed the FactSet consensus estimate.
Celsius (CELH) said its first-quarter profit more than doubled to $64.85 million, or 27 cents a share, from $32.1 million, or 13 cents a share, in the year-ago quarter.
The company beat the analyst estimate of 20 cents a share.
Celsius Holdings said its first-quarter revenue rose to $355.71 million from $259.94 million, but it missed the analyst estimate of $390.4 million.
The company also warned that "ongoing inventory fluctuations may be expected in subsequent quarters" due to its largest distributor accounted for 62% of its total North American sales during the quarter.
Prior to Tuesday's moves, Celsius Holdings stock was up by 43.7% in 2024, outpacing the 8.9% gain by the Nasdaq.
-Steve Gelsi
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05-07-24 1032ET
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