- Molson Coors Beverage Co (NYSE:TAP) reported third-quarter FY21 sales growth of 2.5% year-on-year, to $2.82 billion, missing the analyst consensus of $2.92 billion.
- Net sales from North America business fell 1.2% Y/Y due to a 4.8% decrease in financial volumes, driven by lower brand volumes and unfavorable shipment timing in the U.S.
- Net sales from Europe Business increased 19.2%, reflecting the increase in net sales per hectoliter.
- Gross profit fell 0.7% Y/Y to $1.19 billion. The operating margin was 18.8%, and operating income for the quarter rose 4.5% to $531.4 million.
- Molson Coors Beverage held $616.3 million in cash and equivalents as of September 30, 2021.
- Underlying EBITDA of $642.6 million declined 9.8% Y/Y.
- EPS of $1.75 beat the analyst consensus of $1.54.
- Outlook: Molson reaffirmed FY21 revenue growth outlook in mid-single-digit versus 2020.
- Price Action: TAP shares traded higher by 0.16% at $43.69 on the last check Thursday.
Kinnate Biopharma Inc. Announces FDA Clearance Of Investigational Drug Application For KIN-3248
Kinnate Biopharma Inc. (NASDAQ:KNTE) (“Kinnate”), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers,
