GOLDEN, Colo. - Molson Coors (NYSE:TAP) Beverage Company (NYSE:TAP) reported better-than-expected second quarter results on Tuesday, sending shares up 3% in premarket trading.
The beer maker posted adjusted earnings per share of $1.92, surpassing analyst estimates of $1.68. Revenue came in at $3.25 billion, also beating the consensus forecast of $3.19 billion.
Net sales decreased 0.4% year-over-year but were essentially flat in constant currency terms. Financial volumes declined 4.1%, primarily due to lower contract brewing volumes in the Americas segment. However, favorable pricing and mix helped offset the volume declines.
"We are confident in our strategy, the trajectory of our total business, and in our short and long-term growth objectives," said CEO Gavin Hattersley. "We've just delivered another quarter of bottom-line growth and strong cash flow."
For the full year 2024, Molson Coors reaffirmed its outlook for low single-digit net sales growth and a mid single-digit increase in underlying income before taxes, both on a constant currency basis. The company also continues to expect a mid single-digit rise in underlying earnings per share.
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