Molson Coors earnings for the fourth quarter of 2018 have TAP stock falling hard on Tuesday.
Source: Drew Stephens via Flickr
Molson Coors (NYSE: TAP ) reported revenue of $2.42 billion for the fourth quarter of the year. This is a drop from the company's revenue of $2.58 billion that was reported in the fourth quarter of 2017. It was also a major blow to TAP stock by missing Wall Street's revenue estimate of $2.55 billion for the period.
According to Molson Coors, the decline in its revenue for the fourth quarter of 2018 was due to lower volume in the U.S. and Canada. This was slightly offset by higher net pricing, but not enough to keep it from missing revenue estimates.
The Molson Coors earnings report for the fourth quarter of the year also includes earnings per share of 84 cents . This is an increase over the company's earnings per share of 62 cents from the same period of the year prior. It also comes in above analysts' earnings per share estimate of 79 cents for the quarter, but it wasn't enough to keep TAP stock from dropping today.
The most recent Molson Coors earnings report also has it bringing in net income of $76.00 million. The brewing company reported net income of $716.90 million during the fourth quarter of the previous year. TAP notes that the major drop was due to a one-time income tax benefit during the same time last year.
TAP stock was down 9% as of noon Tuesday, but it is also up 14% since the start of the year.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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