Molson Coors Beverage Falls On Lower Q2 Sales Below View

(RTTNews) - Shares of Molson Coors Beverage Company (TAP) are falling more than 9% Tuesday morning after the company reported lower sales in the second quarter, below analysts' view.

Quarterly net sales declined to $2.922 billion from $2.939 billion last year. The consensus estimate of analysts polled by Thomson-Reuters was for $2.94 billion.

Net income in the second quarter declined to $47.3 million or $0.22 per share from $388.6 million or $1.79 per share a year ago, on higher costs.

Excluding one-time items, earnings were $260.1 million or $1.19 per share, in line with the average estimate of analysts.

Looking forward to the full year, the company expects net sales to increase in the mid single-digit versus 2021 on a constant currency basis. Analysts see sales growth of 4.3% for the year.

TAP, currently at $53.79, has traded in the range of $42.46 - $60.12 in the past 52 weeks.