Molson Coors Brewing (NYSE: TAP) reported second-quarter earnings of $1.52 per share, which missed the analyst consensus estimate of $1.66 by 8.43%. This is a 19.15% decrease over earnings of $1.88 per share from the same period last year.
The company reported quarterly sales of $2.948 billion, which missed the analyst consensus estimate of $3.03 billion by 2.71%. This is a 4.44% decrease over sales of $3.085 billion the same period last year.
"After a solid start in the first four months of the year, May and June were challenging reflecting unfavorable weather and weak industry demand across our major geographies, resulting in a disappointing volume performance in the quarter,” said CEO Mark Hunter. “Despite this backdrop, we executed our plans for incremental brand investment to drive accelerated portfolio premiumization and innovation impact across our business. Encouragingly, we delivered strong constant currency net sales per hectoliter growth of 3.7% and our share trends improved in the U.S. and were stable in Europe.”
Molson Coors Brewing shares were trading down 6.2% at $53.37 in Wednesday’s pre-market session. The stock has a 52-week high of $71.04 and a 52-week low of $52.36.
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