Celsius Holdings (NASDAQ:CELH) posted record third-quarter revenue of $847 million, up 17%, but its namesake CELSIUS brand shrank. Shares rose about 5% in pre-market trading. Alani Nu and the acquired Rockstar Energy now carry the growth, while higher costs ate into the gains. Beneath a big swing to a GAAP profit, adjusted earnings were roughly flat. The flagship is the problem. Celsius blamed the drop on cutting slow-selling flavors, rebalancing inventory, and weak club sales, but retail sales of the brand also fell 7%, so shoppers are buying less, too. The company also named a new president to run the CELSIUS brand today. More sales didn't bring more profit, because aluminum and fuel cost more and a bigger share of volume now runs through PepsiCo's store delivery system, which comes with larger trade discounts. That mix squeezed margins, and adjusted EBITDA fell 3%.
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