Molson Coors Beverage Company (NYSE: TAP, TSE: TPX) reported Q4 2019 earnings beating analyst estimates on strong growth in the bottom line despite shrinking volumes.

The brewing giant posted sales of $2.486 billion for the quarter which narrowly beat consensus estimates of $2.478 billion. Revenue was up 2.8% over the same quarter the previous year.

Sales grew across all regions except for Canada which saw a 4.6% decline compared to the same quarter last year on declining volumes. Whereas the companies International segment was able to grow net sales by 7.5% year over year on strong volume growth of 13.9%.

On the bottom line Molson Coors also beat analyst expectations posting earnings of $1.02 per share compared to estimates of $0.78.

These earnings were the first after the company announced a revitalization plan to fuel future growth by investing in the largest brands in its portfolio and investing in its capabilities, systems, and people. The plan also incorporated cost cutting measures to streamline operations and organizational structure including a leadership shakeup among executives.

We know we have a lot of work still to do. That’s why last quarter we announced a plan to get Molson Coors back to consistent topline growth. The plan is designed to streamline the company, allow us to move faster, and free up resources to invest in our brands and capabilities. As promised in October, we’ve wasted no time in implementing the plan.Molson Coors President and CEO, Gavin Hattersley

The company also updated their guidance for fiscal 2020, indicating net sales revenues growth of flat to low single digits in constant currency and cost savings from the 2020 to 2022 revitalization plan of $600 million.

Molson Coors stock had a very lacklustre year in 2019 after some poor results which triggered the revitalization plan as it lost 0.5% over the year in an overall market and its closest competitor AB InBev (NYSE: BUD) which grew nearly 30%. The stock has fared better this year, however, growing 7.5% in 2020 thus far. In pre-market trading immediately following the release of earning the stock was up 1.5% as of the time of publishing.

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