Based in Golden, Colorado, Molson Coors Beverage Company (TAP) manufactures, markets, and sells beer and other malt beverage products. Valued at $11.44 billion by market cap, the company offers flavored malt beverages, including hard seltzers, craft, spirits and energy, and ready-to-drink beverages. It provides its products under the Coors Light, Miller Light, Coors Banquet, Molson Canadian, Carling, Madri, Staropramen, Blue Moon, Belgian White, Leinenkugel’s Summer Shandy, Miller High Life and Keystone, Vizzy Hard Seltzer, Five Trail. The beverage manufacturer is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Tuesday, Aug. 6.
Ahead of the event, analysts expect TAP to report a profit of $1.69 per share on a diluted basis, down 5.1% from $1.78 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For fiscal 2024, analysts expect TAP to report EPS of $5.58, up 2.8% from $5.43 in fiscal 2023.
TAP stock has significantly underperformed the S&P 500’s ($SPX) 19.2% gains over the past 52 weeks, with shares down 22.8% during this period. Similarly, it underperformed the S&P 500 Cons Staples Sector SPDR’s (XLP) 2.6% gains over the same time frame.
On Apr. 30, TAP shares closed down more than 9% after reporting its Q1 results. Its management said it had grown “incrementally more cautious” on its outlook for the year, given early April industry performance. During Q1, its adjusted EPS was $0.95, beating the consensus estimates of $0.71. Its adjusted revenue of $2.6 billion surpassed Wall Street estimates of $2.5 billion.
The company maintained its previously provided guidance of full-year net sales increasing to the low single digits over 2023 on a constant currency basis and a mid-single-digit EPS increase compared to 2023. TAP shares have been on a downtrend since the day its results were released.
Analysts’ consensus opinion on TAP stock is neutral, with a “Hold” rating overall. Out of 16 analysts covering the stock, four advise a “Strong Buy” rating, nine recommend a “Hold” rating, and three give a “Strong Sell.” The average analyst price target for TAP is $59.66, indicating a 10.5% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
