Record first quarter revenue of $355.7 million, up 37% year over yearRecord first quarter gross profit of $182.2 million, up 60% year over yearFirst quarter diluted EPS of $0.27, up 108% year over year BOCA RATON, Fla., May 7, 2024 /PRNewswire/ -- Celsius Holdings, Inc. (NASDAQ:CELH), maker of CELSIUS®, the premium lifestyle energy drink formulated to power active lifestyles with ESSENTIAL ENERGY™, today reported record first quarter 2024 financial results. Summary Financials 1Q 2024 1Q 2023 Change (Millions except forpercentages and EPS) Revenue $355.7 $259.9 37 % N. America $339.5 $248.6 37 % International $16.2 $11.3 43 % Gross Margin 51.2 % 43.8 % +740 BPS Net Income $77.8 $41.2 89 % Net Income att. to Common Shareholders $64.8 $31.5 106 % Diluted EPS $0.27 $0.13 108 % Adjusted EBITDA* $88.0 $48.7 81 % John Fieldly, Chairman and CEO of Celsius Holdings, Inc., said: "Celsius reported its best first quarter ever driving record revenue and contributing 47%1 of the quarterly year-over-year growth in the energy drink category. Our category share of 11.5 percent as of April 142 reflects the early impact of shelf space gains that we are earning from company-record and ongoing retailer resets, which we believe will serve as a flywheel for our continued growth. Celsius product innovation this year has delighted consumers with the most refreshing products we've ever created." Jarrod Langhans, Chief Financial Officer of Celsius Holdings, Inc., said: "Celsius' first quarter revenue of $356 million and year-over-year growth of 37 percent is a record, despite changes in days on hand inventory by our largest customer. Our solid 51 percent first quarter gross margin reflects a balanced and disciplined approach to leveraging while simultaneously building the business and expanding globally, as well as an accelerated benefit from raw materials pricing and reduced freight costs." *The company reports financial results in accordance with generally accepted accounting principles in the United States ("GAAP"), but management believes that disclosure of Adjusted EBITDA, a non-GAAP financial measure that management uses to assess our performance, may provide users with additional insights into operating performance. Please see "Use of Non-GAAP Measures" and reconciliations of this non-GAAP measure to the most directly comparable GAAP measure, both of which can be found below. FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER 2024 Revenue for the first quarter increased 37% to $355.7 million compared to $259.9 million for the prior-year period, driven primarily by the North American business and the company's success in sustaining consumer demand growth, delivering unique innovation and overall channel growth, offset in part by inventory movements within our largest distributor where first quarter 2024 inventory days on hand declined versus the fourth quarter resulting in an approximate $20 million impact, while first quarter 2023 revenue benefited from an inventory buildup of approximately $25 million. Ongoing inventory fluctuations may be expected in subsequent quarters because our largest distributor constituted 62% of our total North American sales during the first quarter of 2024. However, retail sales of Celsius in total U.S. MULOC grew by 72.1% in the first quarter of 2024 year over year3, and subsequent-period sales show ongoing consumer demand, as reported by Circana for the period ended April 21, 2024, (L1W +48.8% YoY; L4W +51.0% YoY; YTD +67.2% YoY)4. Revenue from U.S. and Canadian sales are reported together as North America. International sales of $16.2 million increased 43% from $11.3 million for the prior-year period, driven by ongoing velocity improvements and product launches. Gross profit for the first quarter of 2024 increased 60% to $182.2 million compared to $113.8 million for the prior-year quarter. Gross profit as a percentage of revenue was 51% for the three months ended March 31, 2024, up from 44% for the prior-year period, as a result of lower freight and materials costs. Diluted earnings per share for the first quarter increased 108% to $0.27 compared to $0.13 for the prior-year period, driven by improvements in gross margin and leverage across SG&A. BUSINESS OPERATIONS & COMPANY HIGHLIGHTS Share GrowthCelsius held an 11.5% share in the energy drink category in total U.S. MULOC for the last four weeks ended April 14, 2024, – a one-point increase over the prior quarter and approximately four points higher than one year ago5. This share performance delivered quarter-over-quarter sales growth for Celsius of 9.6% during a period when the energy category declined 0.4%. Sugar-free segment sales in the first quarter were approximately 50% of the energy drink category6. Average SKUs per retailer increased in the first quarter of 2024 to 20.6 from 13.5 in the prior-year period7. TDPs for the quarter grew 55% year over year and 27% sequentially8. We estimate that retailers' spring shelf resets were approximately one-third complete as of March 31, and once concluded, we are expecting our best shelf space gains in company history. The importance of these space increases and placement improvements cannot be overstated. The visual impact of multiple, full shelves of cold Celsius in convenience store coolers and on grocery shelves is a powerful in-store billboard and showcases more of the Celsius product portfolio. The full effect of shelf space gains is expected to be reflected in scanner data beginning in July 2024.  Growth DriversClub channel sales in the quarter ended March 31, 2024, increased 36% to $63.0 million compared to $46.5 million in the prior-year period. Celsius sales on Amazon increased 30% in the quarter ended March 31, 2024, compared to the prior-year period, to approximately $28 million, and Celsius remained the #1 energy drink brand by dollar share9. Case volume in the food service channel increased 186% year over year and grew 113% quarter over quarter. Approximately 12% of Celsius' total sales to PepsiCo in the first quarter of 2024 was to the food service channel.   Innovation & MarketingSales of CELSIUS Essentials continue to exceed expectations and have reached 54.5% ACV and 4.1 average items sold per store10. CELSIUS Essentials were sold in more than 95,000 stores in the first quarter of 202411. Celsius introduced new, refreshing 12-ounce flavors in the first quarter, including: CELSIUS Blue Razz Lemonade, CELSIUS Raspberry Peach, CELSIUS Astro Vibe, CELSIUS Galaxy Vibe, as well as new variety packs. CELSIUS On The Go powders reached the #1 position in the energy powder category in the first quarter of 2024 and have increased category share by 1.7 points since January 2024 to 24%12. Celsius hosted high-profile influencers and celebrities during the first weekend of the Coachella Valley Music & Arts Festival at the Celsius Cosmic Desert event featuring the Celsius Space Vibe Trilogy (CELSIUS Cosmic Vibe, CELSIUS Astro Vibe, CELSIUS Galaxy Vibe) with exclusive performances by artists T-Pain, Two Friends, DJ Xandra and more. International ExpansionSales in Canada began in the first quarter of 2024 and continue to exceed pre-launch expectations. Celsius' share in the energy category in MULOC in Canada was 5.5% as of Feb. 29, 2024, according to Canadian NiQ data. Celsius in the first quarter announced plans to expand its sales and distribution into Australia, France, Ireland, New Zealand and the United Kingdom in 2024. Sales in the UK and Ireland began in April through the fitness channel and in select gyms. Sales in Australia, France and New Zealand are expected to begin in the fourth quarter of this year with broadening reach throughout 2025.  CONFERENCE CALL Conference CallManagement will host a conference call and webcast at 10 a.m. EDT on Tuesday, May 7, 2024, to discuss the company's first quarter results with the investment community. All participants must pre-register to join the Celsius Holdings, Inc. First Quarter 2024 Earnings Conference Call using the participant registration link https://registrations.events/direct/Q4I739144810. A unique registration ID and access details will be provided after registration. Participants who do not pre-register online may dial in using the phone numbers below and request conference ID 73914 or the Celsius Holdings, Inc. First Quarter 2024 Earnings Conference Call for admittance into the conference. USA / International Toll +1 (646) 307-1963USA - Toll-Free (800) 715-9871Canada - Toronto (647) 932-3411Canada - Toll-Free (800) 715-9871 WebcastParticipants who wish to join the Celsius Holdings, Inc. First Quarter 2024 Earnings Webcast must register athttps://events.q4inc.com/attendee/221116293 Replay of the conference can be accessed through the webcast linkhttps://events.q4inc.com/attendee/221116293 About Celsius Holdings, Inc.Celsius Holdings, Inc. (NASDAQ:CELH) is the maker of energy drink brand CELSIUS®, a lifestyle energy drink born in fitness and a pioneer in the rapidly growing energy category. For more information, please visit www.celsiusholdings.com. ContactsPaul WisemanInvestor Contact: Contact: Forward-Looking StatementsThis press release contains statements that are not historical facts and are ...