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BOCA RATON, Fla. - Celsius Holdings , Inc. (NASDAQ:CELH), known for its CELSIUS® brand of lifestyle energy drinks, announced today the appointment of Hans Melotte as an independent director to its board. Melotte also joins the board’s Audit and Enterprise Risk Committee and Human Resources and Compensation Committee.
Chairman and CEO John Fieldly welcomed Melotte, highlighting his extensive operational experience and global insight into consumer goods business growth. Melotte's career spans over three decades, including executive positions at Starbucks (NASDAQ:SBUX) and 20 years at Johnson & Johnson in various roles, culminating as Chief Procurement Officer. He also holds board positions at Revlon, Cartamundi, and Pendulum Systems.
This board change follows the resignation of Jim Lee, a PepsiCo (NASDAQ:PEP) designee who stepped down effective immediately in connection with his departure from PepsiCo. Lee’s position on the board will remain open until PepsiCo nominates a new candidate.
Fieldly expressed gratitude to Lee for his contributions to the board and wished him success in his future endeavors.
Celsius Holdings, Inc. emphasizes that the statements in the press release are forward-looking and subject to risks and uncertainties that could cause actual results to differ from those projected.
The information in this article is based on a press release statement from Celsius Holdings, Inc.
In other recent news, Celsius Holdings is undergoing significant financial adjustments due to inventory reductions by PepsiCo. These reductions are projected to impact the company's sales and EBITDA for the third quarter and the full year of 2024. Multiple financial firms, including Truist Securities, Piper Sandler, Jefferies, Roth/MKM, and BofA Securities, have revised their revenue and EBITDA estimates and price targets for Celsius Holdings. Despite these adjustments, the company reported a 23% increase in total revenue, reaching a record $402 million, and a 30% rise in international revenue to $19.6 million.
Additionally, the company is in the process of considering Jim Lee, Deputy CFO of PepsiCo, for a future role on the Board of Directors. This development follows Lee's announcement of his departure from PepsiCo to join Target as CFO.
Moreover, several financial firms have adjusted their price targets for Celsius in response to these developments. These include Jefferies, which reduced its target to $53 while maintaining a Buy rating, and Roth/MKM, which lowered its target from $65 to $45, also keeping a Buy rating. These are the recent developments for Celsius Holdings as it navigates the financial landscape amidst industry challenges.
InvestingPro Insights
As Celsius Holdings, Inc. (NASDAQ:CELH) welcomes Hans Melotte to its board, investors may be curious about the company's financial health and market performance. According to InvestingPro data, Celsius boasts a market capitalization of approximately $7.94 billion. The company's strong revenue growth is also notable, with a 56.5% increase over the last twelve months as of Q2 2024, reflecting its dynamic expansion in the lifestyle energy drink market.
The stock has experienced significant volatility recently, as evidenced by a 45.83% drop in the three-month price total return and an even steeper 60.31% decline over the past six months. This volatility aligns with one of the InvestingPro Tips, which highlights that the stock price movements of Celsius are quite volatile. Another key metric, the Price/Book ratio, stands at 19.11 as of the same period, suggesting a high valuation relative to the company's book value.
In the context of the recent board changes and the company's future direction, it's worth noting two additional InvestingPro Tips: Celsius holds more cash than debt on its balance sheet, and analysts predict the company will be profitable this year. These insights could be crucial for investors assessing the company's resilience and potential for sustained growth.
For those seeking more detailed analysis, InvestingPro offers an array of additional tips on Celsius Holdings, Inc. with comprehensive metrics to help investors make informed decisions. Currently, there are 15 more InvestingPro Tips available, which can be explored for deeper insights into the company's financials and market position.
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