- Molson Coors Beverage Co (NYSE:TAP) reported a second-quarter FY22 sales decline of 0.6% year-on-year to $2.92 billion, missing the consensus of $2.93 billion.
- Net sales from the Americas segment fell 2.3% Y/Y primarily due to an 8.1% decrease in financial volumes, partially offset by positive net pricing and a favorable sales mix.
- Net sales from EMEA & APAC increased 7.2% Y/Y, primarily due to higher financial volumes, favorable sales mix, and positive net pricing.
- Gross profit decreased 35.5% Y/Y to $820 million. Operating income for the quarter fell 80.3% to $114.5 million.
- Molson Coors Beverage held $442.1 million in cash and equivalents as of June 30, 2022.
- Non-GAAP EPS of $1.19 was in line with the consensus.
- Outlook: TAP continues to expect FY22 sales growth in the mid-single-digit on a constant currency basis.
- Meanwhile, the company warned that inherent uncertainties in the macroeconomic environment, including continued significant cost inflation and the ongoing coronavirus pandemic, could impact its financial performance.
- Price Action: TAP shares traded lower by 10.17% at $53.61 on the last check Tuesday.
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