Molson Coors (NYSE: TAP) investors sat out the stock market rally of 2019 as shares trailed the broader market by over 30 percentage points. Selling conditions haven't been positive for the world's biggest beer giants as consumer demand shifts away from established light brands and even from the craft beers that dominated consumption just a few years ago.
The owner of powerhouse global franchises such as Coors Light and Miller Light has responded to that shift by adding things like hard coffee, cider, and canned wine to the portfolio. Those moves weren't enough to avoid a tough drop in sales volume for fiscal 2019. However, Molson Coors' earnings report this week suggests the worst might be over for the business.
Let's take a closer look.