Monster Beverage (MNST) ended Friday’s trading day down 10.5% after a disappointing earnings report, making it the TheStreet’s Move of the Day. The beverage company said profits took a $206 million hit after it ended contracts with distribution partners to make way for a partnership with The Coca-Cola Company. Earnings per share for the first quarter came in at 3 cents. Excluding the one-time charges, Monster posted earnings of 62 cents, falling short of the 68 cents analysts from FactSet were looking for. Rodney Sacks, Chairman and CEO of Monster Beverage said: ‘The Coca-Cola Company transaction presents a unique opportunity for us. We are making good progress in working through transitional issues and look forward to the closing of the transaction in the second quarter.’ Meanwhile, foreign exchange headwinds took a toll on the company’s sales during the quarter, to the tune of $12 million.
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