Proactive Investors - Molson Coors Beverage Co (NYSE:TAP) traded lower late morning on Tuesday despite the beer maker forecasting higher sales for 2024 than expected by Wall Street analysts.
Molson Coors expects to see its sales rise by a low-single-digit percentage over 2023 this year compared to estimates of a 0.7% increase, driven by resilient demand for its core brands and higher prices.
The Miller Lite brewer also said it is positioned to benefit from significant shifts in consumer purchasing habits, specifically in the US premium segment.
For the fourth quarter, it posted a 6.1% year-over-year increase in sales to $2.79 billion, narrowly ahead of expectations of $2.77 billion.
Adjusted earnings per share were $1.19, down from $1.30 in the year-ago quarter but ahead of expectations of $1.12.
For the full year 2023, Molson Coors’ sales grew 9.4% to $11.7 billion and adjusted EPS improved by 32.4% from $4.10 to $5.43.
Revenue was slightly ahead of the $11.69 billion expected while adjusted EPS fell short of estimates of $5.36.
“2023 marked the second straight year in which Molson Coors did exactly what we set out to do - grow our business. But more than that, last year we achieved the highest reported top and bottom-line figures in the history of our company,” Molson Coors CEO Gavin Hattersley said in a statement.
“We plan to build on this momentum in 2024, with strong commercial plans, a powerful and supportive distributor network and the financial flexibility to reinvest in our business."
Molson Coors shares were 1.3% lower at $61.30 late morning on Tuesday.