Molson Coors Cuts Outlook, CEO Calls Beer Market Slump 'Cyclical'
Molson Coors Beverage Company (NYSE:TAP) reported second-quarter results on Tuesday, with adjusted earnings per share of $2.05, beating the analyst consensus estimate of $1.86.Quarterly sales of $3.201 billion beat the Street view of $3.121 billion. Net sales decreased 1.6% reported and 2.6% in constant currency.Brand volumes decreased 5.1%, including a 4.0% decrease in the Americas as well as a 7.8% decrease in EMEA & APAC.Also Read: Molson Coors Hurt By Fewer People Drinking Beer, Warns AnalystNet sales in Americas fell 2.8% year over year to $2.504 billion, EMEA & APAC gained 3% to $703.9 million.The company said its second-quarter results were weighed ...Full story available on Benzinga.com
