Q1 2024 Celsius Holdings Inc Earnings Call Transcript
Key Points
- Celsius Holdings Inc reported a significant 37% year-over-year increase in revenue for the first quarter of 2024, reaching $355.7 million.
- The company now holds an 11.5% market share in MULOC, showing a substantial increase from previous periods.
- Celsius introduced several new flavor innovations and launched the CELSIUS Essentials line, which has achieved a 54.5% ACV since its introduction.
- International sales grew by 42% in the quarter, and the company announced expansion plans in Australia, France, Ireland, New Zealand, and the United Kingdom.
- Celsius' gross profit margins improved significantly, reaching 51.2% of revenues due to reduced freight and raw material costs.
- Revenue was adversely affected by inventory movements by the company's largest customer, which is beyond Celsius' control.
- Ongoing inventory fluctuations are expected in subsequent quarters, which could cause variability in quarterly revenue figures.
- The company's sales through Pepsi in the foodservice channel, while strong, showed some lumpiness and could be unpredictable.
- Despite strong revenue growth, there was a mention of potential challenges due to rising fuel costs and other commodity costs like aluminum.
- The incentive program with Pepsi, while potentially beneficial, involves costs and its impact on margins is not fully predictable.
Good day. My name is Ali, and I will be your conference operator today. At this time, I would like to welcome everyone to the Celsius Holdings, Inc. First Quarter 2024 Earnings Conference Call. (Operator Instructions)
Thank you. I'd now like to hand over the conference call to Paul Wiseman. You may now begin.
Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings First Quarter 2024 Earnings Conference Call. Joining me on the call today are John Fieldly, Chairman and Chief Executive Officer; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. The call will open to questions following the prepared remarks.
The company released its first quarter earnings press release earlier this morning, and all materials are available on the company's website, celsiusholdingsinc.com, as well as on the SEC's website, sec.gov. As a reminder, an audio replay of this call will be available later today and can be accessed with the
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