Celsius Holdings, Inc. ( CELH ) shares are trading higher after reporting second-quarter results.

The company reported earnings per share of 28 cents (+65%), beating the street view of 23 cents. Quarterly sales of $402 million (+23%) exceeded the analyst consensus of $393.165 million.

Quarterly sales were driven primarily by the North American business and the company’s success in sustaining consumer demand growth.

Revenue in the quarter was offset in part by reduction in inventory days on hand by a large distributor.

“Celsius today reported its best second quarter financial results ever, delivering records in revenue, gross profit and gross margin,” said John Fieldly, Chairman and CEO of Celsius Holdings ( CELH ).

Also Read: Zelle Controversy Heats Up: JPMorgan Considers Legal Action

Gross profit for the second quarter of 2024 increased 32% to $209.1 million. Gross margin was 52.0%, up from 48.8% for the prior-year period, as a result of freight optimization and lower materials costs.

Celsius began sales in the U.K. and Ireland in the second quarter of 2024 through the fitness channel and in select gyms.

“Celsius continued to lead the energy drink category, contributing 47 percent of all second-quarter growth, and we believe that we are well-positioned to capture incremental category dollar share,” Fieldly added.

Price Action: CELH shares are trading higher by 2.66% to $42.45 at last check Tuesday.

Read Next:

Boeing Poised for Free Cash Flow Surge Post-2024, Optimism Fueled by Production and New CEO: Goldman Sachs