"We are pleased to report continued progress on the strategic alignment of our distribution system with Coca-Cola bottlers, both domestically and internationally," Monster Beverage Chairman and CEO Rodney Sacks said in a statement. Monster Beverage's board of directors also approved a new buyback program for the repurchase of up to $500 million of the company's outstanding common stock. The timing of the share repurchases will depend on several factors, including market conditions, the company said. Monster Beverage's stock is up more than 6 percent year-to-date.