Molson Coors Beverage Company (NYSE:TAP) shares are trading lower Thursday after the company reported worse-than-expected fourth-quarter revenue results and issued full-year adjusted earnings per share guidance below estimates.

Molson stock is showing notable weakness. What’s behind TAP decline?

EPS Beat Offset By Revenue Miss, Soft Outlook

Molson reported adjusted earnings per share of $1.21, beating the consensus estimate of $1.16. The company reported revenue of $2.66 billion, missing the consensus estimate of $2.71 billion.

Net sales decreased 2.7% on a reported basis and 4% in constant currency. Underlying non-GAAP income before taxes totaled $296.8 million, representing a 13.8% decrease in constant currency.

"Despite a number of macroeconomic issues ...