0925 ET - A surge in demand for energy drinks is slowing, as shown in 3Q reports from two of the top industry players. Monster Beverage recorded just 1.3% sales growth during the quarter, missing analyst estimates. Co-CEO Hilton Schlosberg says growth in the U.S. market decelerated from weakness in the convenience-store channel, along with generally tight consumer spending for consumer packaged goods. Shares drop 3% premarket. Earlier this week, Celsius Holdings said it swung to a 3Q loss as sales missed Wall Street targets, sending shares sharply lower. Celsius distributor PepsiCo is trimming back inventory as the category slows, though the worst of the pullback is probably over, Roth MKM analysts say in a research note. (dean.seal@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 09:25 ET (14:25 GMT)
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