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Feb. 11, 2021, 7:17 a.m. EST

Molson Coors stock sinks after profit, revenue miss as Europe weakness weighs

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By Tomi Kilgore

Shares of Molson Coors Beverage Co. /zigman2/quotes/205165133/composite TAP +0.82% sank 3.1% in premarket trading Thursday, after the beer brewer reported a fourth-quarter adjusted profit and sales that missed expectations, weighed by weakness in Europe amid further on-premise restrictions in the U.K. amid a surge in COVID-19 cases. On a net basis, the company swung to a net loss of $1.37 billion, or $6.32 a share, from income of $163.7 million, or 75 cents a share, in the year-ago period. Excluding nonrecurring items, such as a $1.5 billion Europe goodwill impairment charge, adjusted earnings per share declined to 40 cents from $1.02, missing the FactSet consensus of 77 cents. Sales fell 7.7% to $2.29 billion, below the FactSet consensus of $2.41 billion, as North America sales slipped 0.8% while Europe sales tumbled 37.2%. For 2021, the company expects sales growth in the mid-single digit percentage range, when excluding current impacts. "While uncertainty and on-premise challenges remain, particularly in Europe, we anticipate 2021 to be a year of both top-line growth, as we begin to benefit from the early successes of our revitalization plan, and of investment, as we continue to drive toward long-term revenue and underlying EBITDA growth," said Chief Financial Officer Tracey Joubert. The stock has run up 15.6% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 9.4%.

/zigman2/quotes/205165133/composite
US : U.S.: NYSE
$ 45.75
+0.37 +0.82%
Volume: 1.51M
Dec. 3, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
2.97%
Market Cap
$9.95 billion
Rev. per Employee
$567,882
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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