Molson Coors Brewing Company (TAP – Free Report) – one of the largest global brewer – manufactures and sells beer and other beverage products. The company has an impressive portfolio of more than 65 leading beer brands, operating in more than 30 countries.

Molson Coors has been struggling hard since past many quarters due to weak consumer demand in the face of macro-economic headwinds. The company has also been posting declining sales volume in its major markets – Canada, the U.S. and Europe. Nevertheless, the company has been launching new products, focusing to enhance the above-premium category of beers, spending on marketing and advertising to increase brand awareness, which might bring profit to its investors. Due to this, investors were eagerly awaiting Molson Coors’ earnings report.

Investors should also note the recent earnings estimate revisions for TAP, as the consensus estimate has been moving upwards in the last 30 days. However, TAP’s earnings season was a mixed one. TAP has delivered positive surprise in two of the last four quarters, with negative surprise in another two, making for an average positive surprise of 6.64%.

Currently, TAP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here. The Zacks Rank could definitely change following Molson Coors’ earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: TAP posted earnings of $1.03 per share, beating our consensus of $1.01. Investors should note that these figures take out stock option expenses.

Revenue: TAP posted revenues of $947.6 million. This lags our consensus estimate of $973 million.

Key Stats to Note: Sales declined 6.9% in the quarter on a reported basis and 2.2% on a constant currency basis. Molson Coors’ worldwide beer volume declined 3.8% to 15.9 million hectoliters.