Molson Coors Takes a Hit Midday on Less Thirsty U.S. Consumers
Investing.com - Molson Coors took its biggest intraday hit in nearly nine months after the company missed revenue expectations and said it was restating two years of results due to tax accounting errors.
Molson Coors Brewing (NYSE:TAP) slumped 9.3% in midday trading.
Declining beer consumption in the U.S. also hit the company’s worldwide brand volume, which dropped 1.5% to 22 million hectoliters. The brewer reported revenue of $2.42 billion, compared to $2.55 billion forecast by analysts, according to Investing.com.
Elsewhere in the sector, Anheuser Busch Inbev (NYSE:BUD) inched down 0.17%, while Constellation Brands (NYSE:STZ) was flat and Boston Beer (NYSE:SAM) slipped 0.6%.
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