World: Molson Coors Beverage sees profit fall in Q2

Molson Coors Beverage Co. saw profit fall in the second quarter as it generated net sales growth for the fifth consecutive quarter for the first time in over a decade on a constant currency basis.

The Colorado and Montreal-based company, which reports in U.S. dollars, says it earned US$47.3 million, or US$0.22 per diluted share, compared with US$388.6 or US$1.79 per share a year earlier.

Underlying net income was US$260.1 million or US$1.19 cents per share, compared with US$343.8 million or US$1.58 per share in the second quarter of fiscal 2021.

Revenues for the three months ended June 30 were US$2.92 billion, a slight decrease from US$2.94 billion a year earlier.

Net sales in the Americas was down 2.3 per cent, as brand volumes declined 2.2 per cent as a result of softer industry performance and the impacts the Québec labour strike.

Molson Coors CEO Gavin Hattersley says the company has the right mix of brands to "compete and win across all segments" and navigate challenging economic times.