Molson Coors Beverage Company (TAP) Thursday reported lower profit for the first quarter, primarily impacted by decline in sales. Earnings as well as sales missed the Street expectations. The company also slashed its full-year outlook. Its shares were more than 5% down in pre-market activity.
The company posted net income of $121 million or $0.59 per share for the first quarter, significantly lower than $207.8 million or $0.97 per share in the same quarter a year ago.
Excluding one-time items, underlying net income was $101.7 million or $0.50 per share, that missed the average analysts' estimate of $0.80 per share. Analysts' estimates typically exclude special items.
Sales for the quarter fell 11.3% to $2.304 billion from $2.596 billion in the previous year, mainly due to lower financial volumes and unfavorable foreign currency impacts. The consensus estimate was for $2.39 billion.
For fiscal 2025, the company now expects sales to decrease in low single-digit at constant currency, compared to the previous outlook of low single-digit increase.
Adjusted EPS is now expected to increase in low single-digit, down from high single-digit increase guided earlier.
"We have adjusted our 2025 guidance for certain key financial metrics due to the impacts of the global macroeconomic environment on the beer industry and consumer trends. While we have included in our guidance our best estimate of some of these factors, including the direct cost impacts from announced tariffs, the indirect effects of these trends are multi-faceted and include inherent uncertainties that could impact our financial performance beyond what is contemplated in our guidance," the company said in a statement.
Molson Coors Beverage stock had closed at $56.84, down 0.11% on Wednesday. It has traded in the range of $49.19 - $64.66 in the last 1 year.
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