What's Going On With Beer Maker Molson Coors Stock Today?
Portfolio Pulse from Lekha Gupta
Molson Coors Beverage Co (NYSE:TAP) reported Q4 2023 earnings surpassing expectations with a 6.1% Y/Y net sales increase to $2.79 billion and issued positive FY24 guidance. Adjusted EPS was $1.19, beating the $1.12 consensus. The company announced a quarterly dividend of $0.44 per share and a new $2.0 billion share repurchase program. Despite the positive report, TAP shares dropped 2.16% to $60.77.
February 13, 2024 | 2:41 pm
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Molson Coors reported better-than-expected Q4 2023 earnings, with net sales up 6.1% Y/Y to $2.79 billion and adjusted EPS of $1.19. The company also announced a quarterly dividend and a new $2.0 billion share repurchase program, yet shares dropped 2.16%.
Despite Molson Coors' strong Q4 performance and positive FY24 guidance, the stock price fell, likely due to market reactions or external factors not detailed in the article. The announcement of dividends and a share repurchase program typically signals company confidence, yet the immediate market response was negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100