Molson Coors (TAP) Q1 Earnings Beat Estimates, Sales Down Y/Y
Zacks Investment Research | Apr 29, 2020 10:01PM ET
Molson Coors (NYSE:TAP) Beverage Company industry ’s decline of 24.9%.
Delving Deeper
Molson Coors’ underlying adjusted earnings of 35 cents per share declined 32.7% year over year but beat the Zacks Consensus Estimate of 30 cents. The bottom line was impacted by estimated keg sales returns and finished goods’ obsolescence reserves, which led to incurring $50 million costs as the on-premise were hurt by the impacts of the coronavirus pandemic. Further, lower financial volume, inflation and negative mix led to the decline. However, favorable net pricing, cost savings, and lower marketing, general and administrative (MG&A) expenses partly offset the declines.
The aforementioned factors also led to a decline in the company’s underlying EBITDA, which moved down 16.6% to $352.2 million year over year. Further, underlying EBITDA declined 15.8% year over year in constant currency.
Molson Coors Beverage Company Price, Consensus and EPS Surprise
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