Molson Coors: 2Q Earnings Snapshot
DENVER (AP) — Molson Coors Brewing Co. (TAP) on Wednesday reported second-quarter net income of $329.4 million.
On a per-share basis, the Denver-based company said it had profit of $1.52.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.
The beer maker posted revenue of $3.62 billion in the period. Its adjusted revenue was $2.95 billion, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.01 billion.
Molson Coors shares have increased slightly more than 1% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20%. The stock has dropped 15% in the last 12 months.