Molson Coors Beverage Company Takes Majority Ownership Stake In ZOA

(RTTNews) - Molson Coors Beverage Company (TAP, TAP.A) said it is taking a majority ownership stake in ZOA, the better-for-you energy brand co-founded by Dwayne The Rock Johnson, Dany Garcia, Dave Rienzi and John Shulman. Molson Coors and ZOA first struck a partnership when the brand launched in 2021, and Molson Coors increased its stake in ZOA last September.

Separately, Molson Coors Beverage Company said it is adjusting full year 2024 top-line guidance. The company continues to expect to achieve the remaining targets for the full year 2024. Net Sales are projected to decline approximate 1% from 2023 on a constant currency basis from previous guidance of low single-digit increase versus 2023 on a constant currency basis. The company said the adjustment is due to the softness in the U.S. beer industry over the peak selling season. Underlying earnings per share is anticipated to rise mid single-digit compared to 2023 but narrowed to the high end of the range.

Shares of Molson Coors Beverage Company are down 3% in pre-market trade on Thursday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.