Why Celsius Holdings Stock Is Moving Higher Wednesday

Celsius Holdings Inc CELH shares are trading higher Wednesday after the company reported better-than-expected financial results for the second quarter.

• Q2 Revenue: $326 million beat estimates of $274.59 million
• Q2 EPS: 52 cents beat estimates of 29 cents

Total revenue was up 112% year-over-year. International revenue increased 76% year-over-year, and North America revenue was up 114% year-over-year.

Celsius said strong growth was driven by continued gains in distribution points, increase in average SKUs per location, accelerated Club Channel growth and increased sales and marketing investments. The company noted that it continues to further leverage PepsiCo Inc's PEP distribution system. 

Celsius ended the quarter with $681 million in cash and equivalents, up from $60 million in the prior year’s quarter. 

"During the second quarter of 2023, Celsius delivered an all-time quarterly record revenue of $326 million in sales and $41 million in net income, driven by expanded availability and increased consumer awareness," said John Fieldly, president and CEO of Celsius.

See Also: Restaurant Brands International To Rally Over 21%? Here Are 10 Other Analyst Forecasts For Wednesday

CELH Price Action: Celsius shares were up 16.1% at $166.31 at the time of publication, according to Benzinga Pro.

Photo: Anrita from Pixabay.