When Hansen Natural (Nasdaq: HANS) reported earnings last night, investors took one quick look at a 63% year-over-year revenue jump and an earnings double, and sent the share price up more than 5% immediately. But as initial reactions fizzled away and Mr. Market took a deeper look, Hansen actually dropped 5% from yesterday.

While I think this is an overreaction, there's some solid support for a bit of negativity. Hansen is fighting rising prices on important ingredients like apple juice and milk, so it's not easy to keep the gross margins as nice and fat as they used to be. The fourth-quarter gross take was 51%, down from 53.1% a year earlier.

However, that's a rather myopic way of looking at that income statement. It doesn't stop after "gross profit," now does it? Read on and note that the net margin actually improved from 14.7% to 18.3% year over year, and you'll understand why I'm scratching my head over the viciousness of Hansen's stock action. The company delivers where it counts, people! I think that's worth a bit of appreciation, both in stock prices and regular kudos.

Everything ain't wine and roses. I still think that the Java Monster dairy-based energy drink is an ill-conceived margin-buster that should be sent back to formula. Let Starbucks (Nasdaq: SBUX) do the coffee -- it's hard enough to battle with Red Bull, Coke (NYSE: KO), and Pepsi (NYSE: PEP) all at once anyway.

A boardroom overhaul is also long overdue, if you think about the names I just dropped. Hansen may have cagey veterans at the strategic steering wheel, but some serious experience of retail operations on a large scale would be welcome -- and should be within reach by now. You've got street cred, Mr. Hansen!

Long story short, things are not as bad as the market makes 'em out to be, and there's still time to correct the company's shortcomings. This drop is not a disaster, but yet another excellent buy-in opportunity. Thanks, Mr. Market.

Further Foolishness:

Coca-Cola is a Motley Fool Inside Value pick, and Starbucks is a Motley Fool Stock Advisor recommendation. Psst! Grab that free 30-day trial pass to Inside Value to see another familiar name on the scorecard.

Fool contributor Anders Bylund owns shares in Coke and Hansen, and consumes industrial quantities of their products. He holds no other position in any of the companies discussed here. You can check out Anders' holdings if you like, and who needs a caffeine buzz when you can have Foolish disclosure?