Molson Coors Beverage Co. (TAP) found itself in a familiar corporate paradox Wednesday: beat on the bottom line, miss on the top line, and watch investors head for the exits anyway. Shares dropped over 7% in after-hours trading following the brewer's fourth-quarter results.
The Numbers That Matter: Molson Coors posted earnings of $1.21 per share, topping the consensus estimate of $1.16. That's the good news. The not-so-good news? Revenue came in at $2.66 billion, falling short of the $2.72 billion Wall Street expected and down from $2.74 billion a year earlier.
Net sales slid 2.7% on a reported basis and 4% in constant currency terms. Underlying income before taxes hit $296.8 million, down 13.8% in constant currency. The company also issued fiscal guidance that disappointed analysts.
"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.
Goyal struck an optimistic tone despite the challenges, adding that the company has "a solid platform with our brands, infrastructure and people, and a strong balance sheet to weather this macro volatility."
TAP stock closed the extended session down 7.02% at $47.25.
