Molson Coors Beverage Company cut its 2026 sales and earnings outlook after third-quarter net sales fell, while Wells Fargo downgraded the brewer after the results and said 2027 would be challenging.
For the quarter ended Sept. 30, net sales were $2.93 billion, down 1.6% from a year earlier. Underlying diluted earnings per share came to $1.46, a 12.6% year-over-year decline, the company said. EconoTimes previously covered the Nov. 5 filing index, which lists operating results and financial condition alongside financial statements and exhibits.
Molson Coors now expects 2026 net sales to decline 1% to 2% on a constant-currency basis. Its previous outlook allowed for sales to range from a 1% decline to 1% growth, so the revised range no longer includes an increase. The company expects underlying earnings per share to fall 16% to 19%, compared with its earlier forecast of an 11% to 15% decline. Even the mildest decline in the new earnings range is steeper than the largest decline in the previous range.
The company attributed the revised outlook to the global macroeconomic environment and consumer behavior. It also cited persistent promotional activity in the U.K. and logistics costs that were higher than expected. Molson Coors expects softer global beer-industry volume trends seen in the second and third quarters to persist into the fourth quarter.
Wells Fargo moved its rating on Molson Coors to Underweight from Equal Weight after the results. The bank expected 2027 to be challenging.
