Molson Coors Brewing (NYSE:TAP) earnings for first quarter of 2020 have TAP stock taking a beating Thursday. That’s despite its adjusted earnings per share (EPS) of 35 cents beating out Wall Street’s estimate of 33 cents. Unfortunately, the alcohol company’s revenue of $2.1 billion is below analysts’ estimates of $2.21 billion.
Now, let’s take a closer look at the most recent Molson Coors Brewing earnings report.
- Adjusted per-share earnings are down 32.7% from 52 cents during the first quarter of 2019.
- Revenue comes in 8.7% lower than the $2.3 billion reported in the same period of the year prior.
- Operating loss of $92.5 million worse year-over-year from an operating income of $222.1 million.
- The Molson Coors Brewing earnings report also has net loss coming in at $115.4 million.
- That’s a major drop from its net income of $149.1 million reported during the same time last year.
Gavin Hattersley, president and CEO of Molson Coors Brewing, said this about the company’s earnings:
“The first quarter of 2020 was unlike any other in our company’s long history. In the early part of the quarter, we saw mounting confidence and enthusiasm for our plans and for our brands – internally and externally. Despite the early progress, our first quarter results were disproportionately affected by the coronavirus, a pandemic that has changed the world – not just for our business, and our industry, but for the entire global economy.”
Molson Coors Brewing doesn’t provide an outlook for 2020. The company withdrew its outlook in late March due to the novel coronavirus. Many other companies have done the same.
TAP stock was down 11.2% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.