Molson Coors Beverage Posts Q4 Earnings Above Street View

Molson Coors Beverage Co TAP reported fourth-quarter FY22 sales growth of 0.4% year-on-year to $2.629 billion, marginally beating the consensus of $2.62 billion.
Net sales from the Americas segment increased 0.4% in constant currency primarily due to positive net pricing and favorable sales mix, partially offset by lower financial volumes.
Net sales from EMEA & APAC jumped 20.3% in constant currency primarily due to higher financial volumes, positive net pricing and favorable sales mix.
Underlying cost of goods sold (COGS) per hectoliter increased 11.5% in constant currency.
Gross profit increased 7.7% Y/Y to $923.7 million. Operating loss for the quarter was $(511.5) million versus an operating income of $165 million a year ago.
Molson Coors Beverage held $600 million in cash and equivalents as of Dec. 31, 2022. Cash provided by operating activities for the year totaled $1.5 billion.
Underlying EBITDA for the quarter gained 21.5% to $555.5 million.
Non-GAAP EPS of $1.30 beat the consensus of $1.07.
On Feb. 20, 2023, the company's Board of Directors declared a quarterly dividend of $0.41 per share, to be paid on Mar. 17, 2023, to shareholders of Class A and Class B common stock of record on Mar. 3, 2023.
Outlook: TAP expects FY23 net sales to increase in low single-digit on a constant currency basis.
The company expects underlying free cash flow of $1.0 billion, plus or minus 10%.
Price Action: TAP shares traded higher by 3.81% at $54.00 on the last check Tuesday.

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