Molson Coors Beverage Company (TAP-A) recently announced its third-quarter financial results, revealing a decline in profits compared to the same period in the previous year. Despite this downturn, the company exceeded analysts' expectations.
For the third quarter, Molson Coors reported a net income of $199.8 million, translating to $0.96 per share. This is a decrease from the $430.7 million, or $1.98 per share, recorded in the third quarter of the prior year.
When adjusting for special items, the company's earnings reached $374.4 million, or $1.80 per share, for the quarter. This figure surpasses the $1.67 per share earnings anticipated by analysts, as aggregated by Thomson Reuters. It is worth noting that analysts' forecasts typically omit special items.
Regarding revenue, the quarter saw a 7.7% decline, with the company generating $3.043 billion compared to $3.298 billion in the previous year.
Molson Coors Beverage Company's third-quarter earnings in summary (GAAP):
- Earnings: $199.8 million, down from $430.7 million the previous year.
- Earnings Per Share (EPS): $0.96, a decline from $1.98 last year.
- Revenue: $3.043 billion, compared to $3.298 billion in the prior year.
