: Molson Coors’ stock dips after beer company’s sales fall short of estimates

Molson Coors Beverage Co.’s stock TAP fell premarket after the beer company had better-than-expected profit for the second quarter but sales that fell slightly short of consensus. The company posted net income of $342.4 million, or $1.57 a share, for the quarter, up from $47.3 million, or 22 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.78 to beat the $1.64 FactSet consensus. Sales rose 11.8% to $3.266 billion, below the $3.288 billion FactSet consensus. Sales were boosted by higher pricing and favorable sales mix as well as higher financial volumes. The company is now raising its full-year guidance to reflect the strength of its core brands in the U.S., while also being mindful of softness for beer overall in the current inflationary environment, It now expects sales to rise by a high single-digit percent, versus prior guidance of a rise in the low single-digits. The stock has gained 35% in the year to date, while the S&P 500 SPX has gained 19.5%.

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