Molson Coors Beverage Company has revised its 2024 outlook, now expecting a 1% decline in net sales, down from a previous forecast of low-single-digit growth.
In its third-quarter report, the company reported adjusted earnings per share of $1.80, surpassing analyst expectations of $1.67, despite quarterly sales of $3.04 billion missing the consensus of $3.13 billion.
The decline in net sales of 7.8% was attributed to lower financial volumes, which dropped 12.3% due to reduced shipments, particularly in the Americas.
In a strategic move, Molson Coors announced it is acquiring a majority stake in ZOA, the energy brand co-founded by Dwayne Johnson, to enhance its marketing and sales efforts. This is expected to drive significant growth for ZOA.
Molson Coors now anticipates its 2024 underlying diluted earnings per share to be at the high end of the prior outlook range.