Brewer Molson Coors Beverage (TAP) reported that its third-quarter profit fell 52% from a year
earlier as inflation negatively impacted its earnings for the July through September period.
In a news release, Molson Coors said that inflation remains a “significant headwind” for the
Chicago-based company.
Molson Coors, which also has a sizable operation in Montreal, faced major challenges in
eastern Europe, where the war in Ukraine, high energy costs, and rampant inflation are eroding
consumers’ disposable income.
The brewer, which reports its financial results in U.S. dollars, said it earned a net profit of $216.4
million U.S. or 99 cents U.S. per share for Q3, down 52% from a profit of $453 million U.S. or
$2.08 U.S. per share in the same period last year.
Net sales for the quarter totalled $2.94 billion U.S., up from $2.82 billion U.S. in Q3 2021.
Analysts had forecast a profit for the beer maker of $1.36 U.S. a share and $2.89 billion U.S. in
revenue, according to Refinitiv data.
This year’s rise in inflation comes as Molson Coors also faces stiff competition from a growing
number of craft brewers, the company said.
Year-to-date, Molson Coors stock is up 3% and trading at $48.81 U.S. per share.