Why Celsius Stock Is Popping After Hours

Celsius Holdings Inc CELH shares are rising in Tuesday’s after-hours session after the beverage company reported strong first-quarter results.

What Happened: Celsius said first-quarter revenue increased 95% year-over-year to $260 million, driven by strength in North America. The company’s top-line results came in above average analyst estimates of $217.65 million, per Benzinga Pro. Revenues in North America more than doubled on a year-over-year basis.

First-quarter earnings came in at 40 cents per share, up from 9 cents per share year-over-year. Gross profit was up 111%.

Celsius said it continued to further transition into PepsiCo Inc’s PEP distribution system.

“In the United States, Celsius is now the established #3 Energy Drink Brand in the category, being the key growth driver over the last 52 week period. Celsius’ share in the Energy Drink Category per SPINS IRI Total Mulo+C, for the 4 weeks ending 3/26/23, totals 7.5% market share, doubling from the prior year period and demonstrating Celsius warrants increased distribution and availability,” said John Fieldly, president and CEO of Celsius.

“Looking ahead, we have plans in place and initiatives underway to further leverage our expanding distribution and continue to build our global brand equity.”

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CELH Price Action: Celsius shares were up 6.42% after hours at $114 at the time of publication, according to Benzinga Pro.

Photo: gepharts3d from Pixabay.