Molson Coors Gains On Reinstating Dividend, Reaffirming Outlook By

© Reuters.

By Dhirendra Tripathi – Molson Coors (NYSE:) stock rose more than 2% Friday after the company announced a number of steps to cheer investors.

The company reinstated its practice of paying regular dividends and announced a payout of 34 cents per share with September 17 record date.

The brewer had suspended dividend in May last year because of the uncertainty related to the coronavirus pandemic.

The company also repaid $1 billion in debt, using a combination of cash and commercial paper.

The maker of Vizzy seltzer and Creemore Springs beer also reaffirmed its outlook for full year 2021.

It sees net sales rising in mid-single digit and underlying earnings before interest, taxes, depreciation and amortization to be approximately flat.

For the year ended December, Molson reported net sales of $9.65 billion and underlying Ebitda of $2.13 billion







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