Shares of Molson Coors (TAP) fell 10% after the beverage giant reported disappointing second
quarter earnings.
The Montreal-based company, which reports its financial results in American dollars, said it
earned $47.3 million U.S., or $0.22 U.S. a share, in this year’s second quarter, compared with
$388.6 million U.S., or $1.79 U.S. per share a year earlier.
Net income during Q2 amounted to $260.1 million U.S., or $1.19 U.S. per share, compared with
$343.8 million U.S., or $1.58 U.S. per share, in the same period of 2021.
Revenues for the three months ended June 30 totaled $2.92 billion U.S., a decline from $2.94
billion U.S. recorded a year ago.
Net sales in the Americas during the April through June period were down 2.3% due to brand
volumes declining 2.2% and a Quebec labour strike that occurred during the spring.
Despite the selloff immediately after its latest earnings, Molson Coors stock remains up 13% on
the year at $53.44 U.S. per share.
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