UPDATE 1-Molson Coors beats Q1 estimates but cautious outlook drags shares [Yahoo! Finance]
Molson Coors Beverage Company Class B (TAP)
Last molson coors beverage company class b earnings: 4/30 07:00 am
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US:NYSE Investor Relations:
ir.molsoncoors.com/overview/default.aspx
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Source: Yahoo! Finance
April 30 (Reuters) - Molson Coors surpassed Wall Street estimates for first-quarter sales and profit on Tuesday, helped by higher prices and steady demand for brands such as Coors Light and Miller Lite. However, the company took a more cautious stance on the industry outlook and reaffirmed its full-year sales and profit forecasts, sending its shares down 7.6%. WHY IS IT IMPORTANT? Beer makers such as Molson Coors and peer Constellation Brands have been consistently hiking prices to protect their margin from rising costs of production, even as some of those expenses are beginning to drop from CONTEXT Consumers have been willing to stretch their budgets a little more to purchase Molson's products given that beers are generally considered as recession-proof. In February, the company said it was expecting to gain more shelf space at retailers going in to the spring. MARKET REACTION Shares dropped as much as 8.2% to $58.30 on Tuesday, hitting an over five-month low. KEY
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