Why Molson Coors Beverage Shares Are Falling Today
Portfolio Pulse from Shivani Kumaresan
Molson Coors Beverage Co (NYSE:TAP) reported Q2 FY23 sales growth of 11.8% YoY to $3.27 billion, missing the analyst consensus of $3.29 billion. The sales increase was due to positive net pricing, favorable sales mix, and higher financial volumes. Gross profit climbed 48.6% YoY to $1.218 billion. Non-GAAP EPS of $1.78 beat the consensus of $1.59. However, TAP shares traded lower by 5.39% in premarket.
August 01, 2023 | 2:51 pm
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Molson Coors' Q2 FY23 sales growth missed analyst consensus, but gross profit and Non-GAAP EPS beat expectations. TAP shares traded lower by 5.39% in premarket.
Despite beating profit and EPS expectations, Molson Coors' shares traded lower due to the company missing sales expectations. This indicates that investors may be concerned about the company's ability to generate revenue, which could negatively impact the stock price in the short term.
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