Molson Coors Beverage Reaffirms 2024 Guidance - Update

(RTTNews) - (Adds Outlook, stock movement)

Molson Coors Beverage Company (TAP) has reaffirmed 2024 guidance for top-line and bottom-line growth. The company continues to project mid single-digit increase in underlying earnings per share. For net sales, the company expects low single-digit increase versus 2023 on a constant currency basis.

Q2 Results:

The company's earnings totaled $427.0 million, or $2.03 per share. This compares with $342.4 million, or $1.57 per share, in last year's second quarter. Underlying earnings per share was $1.92, increased 7.9%. Analysts on average had expected the company to earn $1.68 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 0.9% to $3.838 billion from $3.871 billion last year.

Shares of Molson Coors Beverage are up 2% in pre-market trade on Tuesday.

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