Molson Coors Beverage Co. ‘s stock
TAP,
rose 2.9% premarket after the company posted stronger-than-expected earnings for the fourth quarter. The company had net income of $103.3 million, or 48 cents a share, for the quarter, after a loss of $590.5 million, or $2.73 a share, in the year-earlier period. The year-earlier number included noncash impairment charges. Adjusted per-share earnings came to $1.19, ahead of the $1.12 FactSet consensus. Sales rose to $2.791 billion from $2.629 billion a year ago, also ahead of the $2.781 billion FactSet consensus. The company managed volume, share and net sales growth in each of its three biggest global markets in 2023, it said in a statement. Molson is now expecting 2024 sales to grow by a low single-digit amount on a constant currency basis. It expects underlying EPS to grow by a mid-single-digit amount and for cash flow to total $1.2 billion, plus or minus 10%. The stock has gained 21% in the last 12 months, while the S&P 500
SPX,
has gained 22.8%.
