Benzinga | Oct 28, 2021 03:17PM EDT

Molson Coors Beverage Reports Mixed Q3 Earnings

* Molson Coors Beverage Co (NYSE:TAP) reported third-quarter FY21 sales growth of 2.5% year-on-year, to $2.82 billion, missing the analyst consensus of $2.92 billion.

* Net sales from North America business fell 1.2% Y/Y due to a 4.8% decrease in financial volumes, driven by lower brand volumes and unfavorable shipment timing in the U.S.

* Net sales from Europe Business increased 19.2%, reflecting the increase in net sales per hectoliter.

* Gross profit fell 0.7% Y/Y to $1.19 billion. The operating margin was 18.8%, and operating income for the quarter rose 4.5% to $531.4 million.

* Molson Coors Beverage held $616.3 million in cash and equivalents as of September 30, 2021.

* Underlying EBITDA of$642.6 million declined 9.8% Y/Y.

* EPS of $1.75 beat the analyst consensus of $1.54.

* Outlook: Molson reaffirmed FY21 revenue growth outlook in mid-single-digit versus 2020.

* Price Action: TAP shares traded higher by 0.16% at $43.69 on the last check Thursday.