Molson Coors misses profit estimate but beats on revenue

Molson Coors Beverage Co. TAP, -1.31% said Tuesday its third-quarter profit fell 52% to $216.4 million, or 99 cents a share, from $453 million, or $2.08 a share, in the year-ago quarter. Adjusted earnings at the alcoholic beverage maker fell to $1.32 a share, from $1.75 a share. Net sales rose 4% to $2.94 billion. Wall Street analysts expected Molson Coors to earn $1.35 a share on revenue of $2.89 billion, according to FactSet data. Looking ahead, Molson Coors continues to expect a mid single-digit increase in 2022 net sales versus 2021 on a constant currency basis. Due to increased inflationary cost pressures and weakening demand in Central and Eastern Europe, the company expects underlying income before income taxes to be at the lower end of its range. Molson Coors shares are up 8.8% in 2022 compared to an 18.8% loss by the S&P 500 SPX, -0.75%.