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Hansen Natural 3Q profit rises on Monster Energy drink sales, misses forecasts; shares fall
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CORONA, Calif. - Hansen Natural Corp., which makes sodas and energy drinks, said Thursday its third-quarter profit rose 8 percent on continued strength of its Monster Energy drinks and a growing share of the energy drink market at gas stations and convenience stores.
But the results fell short of Wall Street's expectations and that sent Hansen shares plunging more than 10 percent in trading after hours.
The company earned $56.5 million, or 60 cents per share, compared with $52.4 million, or 54 cents per share, in the third quarter of 2008.
Revenue rose to $307.9 million from $285 million a year earlier.
Analysts polled by Thomson Reuters expected a profit of 63 cents per share on $309.2 million in sales.
The shares closed the regular session up 30 cents, or less than 1 percent, at $36.98.
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