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Molson Coors Beverage Co.’s stock jumped 2.9% premarket Tuesday, after the company swung back to a profit in the fourth quarter from a loss a year ago, topping consensus estimates.
The company
TAP,
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 of $845 million.
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.
The company gained market share from rival Bud Light, after that brand became the subject of a conservative-led boycott following the use of a transgender influencer in its marketing, sending beer drinkers to Molson Coors for light-beer alternatives.
“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,” Chief Executive Gavin Hattersley 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%.
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