Shares of Molson Coors Beverage Company (TAP) jumped over 5% Tuesday after the brewing giant reported better-than-expected sales and profits for the second quarter. The company said an increase in net pricing and positive sales mix boosted its performance.
Molson Coors Beverage Co (NYSE:TAP), the owner of Coors Light, Miller Lite and Carling, saw net income improve 23% year on year to $425.3 million in the three months to 30 June. Lower operating costs helped to support the bottom line despite sales of $3.8 billion coming in slightly lower than the second quarter of 2023.
Molson Coors beat Wall Street expectations for second-quarter sales and profit on Tuesday, driven by strong demand for its premium Coors Light and Miller Lite beers in the European and Asian regions.
Molson Coors Beverage Co. stock TAP, -3.33% is up 2.7% in premarket trades Tuesday after the beer maker reported better-than-expected second-quarters sales and earnings. Molson Coors said its second-quarter net income rose to $427 million, or $2.03 a share, from $342.4 million, or $1.57 a share, in the prior year's quarter.
This marks the last peak week of the Q2 earnings season with 3,908 companies expected to report. Earnings have come in better-than-expected, but tend to be overshadowed by economic data. Outlier earnings this week include: CSX, CAT, and VFC.
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