Molson Coors shares rise after earnings and sales beat consensus
Molson Coors Beverage Co. shares rose 2.8% in Wednesday premarket trading after the beer company reported fourth-quarter earnings and sales that beat consensus. Net income totaled $163.7 million, or 75 cents per share, up from $76.0 million, or 35 cents per share, last year. Adjusted EPS of $1.02, beat the FactSet consensus of 78 cents. Sales of $2.49 billion were up from $2.42 billion the previous year and also ahead of the $2.48 billion FactSet consensus. Sales in the U.S. increased 4.7% but fell 4.6% in Canada. Molson Coors brands include Coors Light, Blue Moon Belgian White, Molson Canadian, and a number of sparkling cocktails, hard coffee, canned wine and other beverages. Molson Coors stock has slipped 2% over the past year while the S&P 500 index has gained 22.3% for the period.
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