Fitness and caffeinated energy drink maker Celsius Holdings (CELH) beat second-quarter forecasts late Tuesday. A member of the IBD Leaderboard list, CELH stock soared more than 15% to all-time highs early Wednesday.
Boca Raton, Fla.-based Celsius reported earnings increased to 52 cents per share from 12 cents per share last year. Revenue spiked 112% to a Q2 record of $326 million. Analysts polled by FactSet expected earnings of 31 cents per share on $277.2 million in sales.
Celsius noted it was the second-largest energy drink sold on Amazon.com (AMZN) in the 14 weeks to the end of June, with an 18.6% share. That trailed only Monster Beverage‘s (MNST) 20.8% share. Additionally, Celsius claims to be the top dollar and unit growth brand at multi-outlet with convenience store locations (MULOC) in North America over the last 52 weeks.
Overall, Celsius is the #3 energy drink brand at MULOC locations in the U.S. with an 8.6% market share, which doubled from last year.
Celsius saw more than 300% earnings growth in each of the past two quarters while revenue growth accelerated at around 100% during that time.
CELH stock scrambled more than 16% to 167 Wednesday and hit a record of 173.04 in early trade. The move could present a breakaway gap buying opportunity.
Shares inched higher on Tuesday, closing at 143.36.
CELH stock trimmed its gains from mid-July highs to test support near its 50-day moving average. Shares of the energy drink maker traded in a buy range on a rebound from support ahead of its results.
CELH stock bolted 59% this year.
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