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Aug. 2, 2022, 7:26 a.m. EDT

Molson Coors revenue falls short, shares fall

Molson Coors Beverage Co. (NYS:TAP) (NYS:TAP.A) (TSE:CA:TPX.A) shares fell 3.7% after it said Tuesday its second-quarter profit fell to $47.3 million, or 22 cents a share, from $388.6 million, or $1.79 a share in the year-ago quarter. Adjusted earnings in the latest quarter totaled $1.19 a share. Sales at the beer maker dipped to $2.92 billion from $2.94 billion. Molson Coors beat the Wall Street analyst estimates for earning of $1.18 a share but fell short of the sales estimate of $2.94 billion, according to a FactSet survey. Looking ahead, Molson Coors said uncertainties in the macroeconomic environment such as cost inflation and the coronavirus pandemic could impact its financial performance. However, the company said it continues to expect a mid single-digit increase in 2022 sales from 2021 on a constant currency basis.

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