Shares of Monster Beverage closed up more than 12 percent on Thursday after the energy drink maker posted better-than-expected quarterly revenue and announced a new $500 million stock buyback plan.
On Wednesday, the Corona, California-based beverage company reported fourth-quarter earnings of 30 cents per share, in line with estimates, on revenue of $753.8 million. Analysts polled by Thomson Reuters forecast revenue of $722.2 million.
"We are pleased to report continued progress on the strategic alignment of our distribution system with Coca-Cola bottlers, both domestically and internationally," Monster Beverage Chairman and CEO Rodney Sacks said in a statement.
Monster Beverage's board of directors also approved a new buyback program for the repurchase of up to $500 million of the company's outstanding common stock. The timing of the share repurchases will depend on several factors, including market conditions, the company said.
Monster Beverage's stock is up more than 6 percent year-to-date.