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Molson Coors Beverage Company (NYSE:TAP) reported first-quarter results on Thursday that came in ahead of analyst forecasts, sending shares up more than 6% in premarket trading.
Adjusted earnings per share totaled $0.62, well above the consensus estimate of $0.38 by $0.24.
Revenue reached $2.35 billion, slightly exceeding the $2.34 billion forecast and rising 2.0% from $2.30 billion in the same period last year.
Volumes, however, declined during the quarter. Financial volume fell 2.9%, while brand volume dropped 3.1%, largely due to weaker shipments across both the Americas and EMEA&APAC regions.
“We delivered a solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility,” said President and Chief Executive Officer Rahul Goyal. “Under Horizon 2030, we said we’d take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value.”
In the Americas segment, net sales increased 1.0% to $1.90 billion, while underlying income before taxes rose 14.5% on a constant currency basis to $230.8 million. The improvement was driven by stronger pricing and a favorable product mix, partially offset by a 2.7% decline in volume.
The EMEA&APAC segment faced more pressure, with its underlying loss before income taxes widening to $32.7 million.
Despite weaker volumes, overall performance was supported by pricing and mix benefits, which contributed 3.0% to net sales growth, reflecting ongoing premiumization trends across both regions. At the same time, cost pressures remained, including an approximately $30 million negative impact from higher Midwest Premium aluminum prices.
Molson Coors reaffirmed its full-year 2026 outlook, expecting underlying earnings per share to decline between 11% and 15% compared with 2025, while net sales are projected to remain broadly flat, within a range of plus or minus 1% on a constant currency basis.
Molson Coors Beverage Company stock price