Investing.com - Molson Coors Brewing slumped Wednesday, with the company's CEO Mark Hunter announcing his retirement on a sour note after second-quarter results fell short of estimates.
The company reported earnings of $1.52 a share on revenue of $2.95 billion, missing consensus estimates compiled by Investing.com for earnings of $1.67 a share on revenue of $3.03 billion. Molson Coors (NYSE:TAP) shares fell more than 8%.
The earnings miss comes as the company sold less volume of beer on falling demand, blaming bad weather and a weak industry backdrop.
Worldwide brand volume decreased 5.6% to 24.3 million hectoliters in the quarter from a year earlier, with broad-based declines seen across geographies, including the U.S., Canada, Europe and other international markets such as South America.
"May and June were challenging reflecting unfavorable weather and weak industry demand across our major geographies, resulting in a disappointing volume performance in the quarter," Hunter said in a statement.
Its Coors Light and Miller Lite brands offered some reason to cheer, however, with a strong showing during the quarter ahead of the ramp-up in marketing efforts.
"We also saw strong premium light share growth in the U.S. as Miller Lite and Coors Light each gained segment share," Hunter added.
Hunter will retire on Sept. 27 and Gavin Hattersley, the leader of the company's U.S. business, will become CEO the next day.