Molson Coors Beverage Company (NYSE:TAP) rose Thursday after the brewer reported first-quarter results that exceeded expectations, buoyed by pricing strength and strategic initiatives despite softer volumes.

Quarterly Details

The company said adjusted earnings were 62 cents per share, beating analysts' estimates of 36 cents. Revenue totaled $2.351 billion, ahead of the consensus estimate of $2.327 billion.

Net sales increased 2% on a reported basis and 0.1% in constant currency. Net sales per hectoliter rose 5.1% reported and 3.1% on a constant-currency basis, reflecting pricing gains.

"Under Horizon 2030, we said we'd take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value," CEO Rahul Goyal said.

Financial volume declined 2.9% due to lower shipments across the Americas, EMEA and APAC segments. Brand volumes fell 3.1%, including a 3.0% decline in the Americas.

As of March 31, total debt stood at $6.271 billion, while cash and cash equivalents were $382.6 million.

2026 Outlook Maintained

The company reaffirmed its 2026 adjusted earnings guidance of $4.61 to $4.82 per share, compared with analysts' estimates of $4.73. It also maintained its full-year revenue outlook of $11.029 billion to $11.252 billion, versus the $11.121 billion consensus.

For 2026, Molson Coors expects underlying income before taxes to decline 15% to 18% on a constant-currency basis. It projects capital expenditures of about $650 million, free cash flow of roughly $1.1 billion and depreciation of around $720 million.

The company anticipates net interest expense of about $260 million and an underlying effective tax rate between 22% and 24%.

"We remain disciplined in capital deployment and are committed to driving shareholder value through investing in our business while continuing to return cash to shareholders through a growing dividend and share repurchases," the company said.

Molson Coors Price Action

TAP Price Action: Molson Coors Beverage shares were up 3.02% at $43.68 at the time of publication on Thursday, according to Benzinga Pro data.

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