Molson Coors Beverage Clocks Solid Q1 Growth - Read Which Region Surprised Most - Molson Coors Beverage (NYSE:TAP)

Molson Coors Beverage Co TAP reported first-quarter FY22 sales growth of 16.7% year-on-year to $2.21 billion, beating the consensus of $2.13 billion.
Net sales from the Americas segment rose 8.5% Y/Y due to positive net pricing and favorable sales mix, partially offset by a 0.8% decrease in financial volumes.
Net sales from EMEA & APAC increased 84.2% due to higher financial volumes, favorable sales mix, and positive net pricing.
Gross profit increased 26.9% Y/Y to $927.8 million. The operating margin was 8.5%, and operating income for the quarter rose 26.6% to $224.4 million.
Molson Coors Beverage held $358.7 million in cash and equivalents as of March 31, 2022.
Non-GAAP EPS of $0.29 beat the analyst consensus of $0.19.
Outlook: TAP continues to expect FY22 sales growth in the mid-single-digit on a constant currency basis.
Tracey Joubert, CFO, stated, "Under our revitalization plan, we have built a strong foundation for future growth that has positioned us to manage through challenging times. This gives us the confidence to reaffirm our 2022 guidance for top and bottom-line growth."
Price Action: TAP shares traded higher by 3.40% at $56.17 on the last check Tuesday.
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Molson Coors Beverage Clocks Solid Q1 Growth - Read Which Region Surprised Most