Why Molson Coors Beverage (TAP) Shares Are Falling Today - Molson Coors Beverage (NYSE:TAP)

Molson Coors Beverage Co TAP reported a second-quarter FY22 sales decline of 0.6% year-on-year to $2.92 billion, missing the consensus of $2.93 billion.
Net sales from the Americas segment fell 2.3% Y/Y primarily due to an 8.1% decrease in financial volumes, partially offset by positive net pricing and a favorable sales mix.
Net sales from EMEA & APAC increased 7.2% Y/Y, primarily due to higher financial volumes, favorable sales mix, and positive net pricing.
Gross profit decreased 35.5% Y/Y to $820 million. Operating income for the quarter fell 80.3% to $114.5 million.
Molson Coors Beverage held $442.1 million in cash and equivalents as of June 30, 2022.
Non-GAAP EPS of $1.19 was in line with the consensus.
Outlook: TAP continues to expect FY22 sales growth in the mid-single-digit on a constant currency basis.
Meanwhile, the company warned that inherent uncertainties in the macroeconomic environment, including continued significant cost inflation and the ongoing coronavirus pandemic, could impact its financial performance.
Price Action: TAP shares traded lower by 10.17% at $53.61 on the last check Tuesday.