Celsius stock reversed lower Tuesday after an early leap on record Q2 results. Molson Coors surged after the beverage makers cleared earnings estimates.
Celsius Holdings reported a 65% increase in earnings to 28 cents per share on a 23% revenue jump to $402 million. FactSet expected the Boca Raton, Fla.-based company to report earnings of 23 cents on $391 million in sales.
The results marked two quarters of decelerating earnings growth while sales growth slowed the last four quarters.
U.S. retail channel sales rose 36.5% for the quarter while international sales increased 30%. CEO John Fieldly called the report "its best second quarter financial results ever," with record revenue, gross profit and gross margin. Celsius' gross margin improved by 320 basis points to 52%.
Celsius Stock Energized
CELH stock reversed to slide 2.4% Tuesday, continuing its downtrend stretching back to May. The stock jumped more than 4% after the open following a nearly 8% premarket rally.
Celsius stock tumbled almost 26% this year through Tuesday's close.
Molson Coors
Beer maker Molson Coors on Tuesday reported a 7.9% increase in earnings to $1.92 per share adjusted, which easily cleared estimates for $1.68 per share. Revenue ticked down a fraction over the year to $3.25 billion but still beat FactSet expectations for $3.18 billion.
Molson Coors maintained its 2024 guidance of low single-digit net sales growth with a middle single-digit increase to underlying earnings per share.
The company's board of directors in July approved a dividend of 44 cents per share, which is payable to shareholders on Sept. 20.
TAP stock rallied 5.4% Tuesday and rebounded above its 50-day moving average.
Molson Coors retreated 11.9% in 2024.
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