Molson Coors Beverage Co. (NYSE:TAP) shares sank in Wednesday’s extended trading after the company released its fourth-quarter earnings report, missing revenue estimates and issuing fiscal guidance below estimates.
Here’s a look at the details from the quarter.
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The Details: Molson Coors reported quarterly earnings of $1.21 per share, which beat the consensus estimate of $1.16, according to data from Benzinga Pro.
Quarterly revenue came in at $2.66 billion, which missed the Street consensus estimate of $2.72 billion and was down from $2.74 billion in the same period last year.
Net sales decreased 2.7% reported and 4% in constant currency, and underlying (Non-GAAP) income before income taxes was $296.8 million, a decrease of 13.8% in constant currency.
“Despite a number of macroeconomic issues impacting our industry and our category, we navigated a tough year to protect and deliver on our revised bottom-line expectations while narrowly missing our top-line guidance,” CEO Rahul Goyal said.
“We have a solid platform with our brands, infrastructure and people, and a strong balance sheet to weather this macro volatility,” Goyal added.
TAP Stock Price: According to data from Benzinga Pro, Molson Coors stock fell 7.02% to $47.25 in Wednesday’s extended trading.
Photo: Shutterstock
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