Why Molson Coors Stock Dropped Today
Shares of global beer company Molson Coors (NYSE: TAP) fell as much as 11% in trading on Tuesday after reporting second-quarter 2022 financial results. Shares were down 10% as of 1 p.m. ET.
Sales were down 0.6% in the quarter to $2.92 billion, but without currency impacts, they would have been up 2.2%. That's not what concerned investors, though.
Net income plunged 88% to $47.3 million, or $0.22 per share. What management calls underlying net income even fell 24.3% to $260.1 million, or $1.19 per share. Higher commodity costs are impacting the company's ability to add even modest sales growth to the bottom line.
Source Fool.com
