Molson Coors Beverage Company Reports 2024 Second Quarter Results
Molson Coors Beverage Company (NYSE: TAP) reported its Q2 2024 financial results. Net sales slightly decreased by 0.4%, but income before income taxes surged by 26.9% to $559.9 million.
Underlying income before income taxes improved by 5.2% in constant currency. The company returned $353 million to shareholders via dividends and share repurchases and reaffirmed its 2024 guidance for both top-line and bottom-line growth.
For H1 2024, net sales increased by 4.2% on a constant currency basis, while underlying income before income taxes rose by 20.4%.
U.S. GAAP net income for Q2 was $427 million, or $2.03 per diluted share, with non-GAAP diluted EPS increasing by 7.9% to $1.92. CEO Gavin Hattersley highlighted strong cash flow and strategic investments supporting long-term growth.
Molson Coors Beverage Company (NYSE: TAP) ha riportato i risultati finanziari del secondo trimestre 2024. Le vendite nette sono leggermente diminuite dello 0,4%, ma il reddito prima delle imposte sul reddito è aumentato del 26,9% a $559,9 milioni.
Il reddito sottostante prima delle imposte sul reddito è migliorato del 5,2% a tassi di cambio costanti. L'azienda ha restituito $353 milioni agli azionisti tramite dividendi e riacquisti di azioni, confermando la sua guida per il 2024 sia per la crescita delle vendite che per quella dei profitti.
Per il primo semestre del 2024, le vendite nette sono aumentate del 4,2% a tassi di cambio costanti, mentre il reddito sottostante prima delle imposte sul reddito è salito del 20,4%.
Il reddito netto secondo i principi contabili GAAP degli Stati Uniti per il secondo trimestre è stato di $427 milioni, pari a $2,03 per azione diluita, con l'EPS diluito non-GAAP che è aumentato del 7,9% a $1,92. Il CEO Gavin Hattersley ha sottolineato il forte flusso di cassa e gli investimenti strategici a sostegno della crescita a lungo termine.
Molson Coors Beverage Company (NYSE: TAP) reportó sus resultados financieros del segundo trimestre de 2024. Las ventas netas disminuyeron ligeramente en un 0.4%, pero los ingresos antes de impuestos aumentaron un 26.9% a $559.9 millones.
Los ingresos subyacentes antes de impuestos mejoraron un 5.2% en moneda constante. La compañía devolvió $353 millones a los accionistas a través de dividendos y recompras de acciones, y reafirmó su guía para 2024 tanto para el crecimiento de los ingresos como de las ganancias.
Para el primer semestre de 2024, las ventas netas aumentaron un 4.2% en términos de moneda constante, mientras que los ingresos subyacentes antes de impuestos crecieron un 20.4%.
El ingreso neto GAAP de EE. UU. para el segundo trimestre fue de $427 millones, o $2.03 por acción diluida, con un EPS diluido no-GAAP que aumentó un 7.9% a $1.92. El CEO Gavin Hattersley destacó el fuerte flujo de efectivo y las inversiones estratégicas que apoyan el crecimiento a largo plazo.
몰슨 쿠어스 음료 회사 (NYSE: TAP)가 2024년도 2분기 재무 결과를 발표했습니다. 순매출은 0.4% 소폭 감소했지만, 세금 이전 소득은 26.9% 증가하여 5억 5천 9백만 달러에 이르렀습니다.
세금 이전의 기초 소득은 상대적인 통화 기준으로 5.2% 개선되었습니다. 회사는 배당금과 자사주 매입을 통해 주주에게 3억 5천 3백만 달러를 환원했으며, 2024년 매출 성장과 순이익 성장에 대한 목표를 재확인했습니다.
2024년 상반기 기준으로, 순매출은 상대적인 통화 기준으로 4.2% 증가하였고, 세금 이전의 기초 소득은 20.4% 상승했습니다.
2024년도 2분기 GAAP 기준 순이익은 4억 2천 7백만 달러, 즉 희석 주당 2.03달러였으며, 비-GAAP 희석 EPS는 7.9% 증가하여 1.92달러에 달했습니다. CEO 가빈 해터슬리는 강력한 현금 흐름과 장기 성장을 지원하는 전략적 투자를 강조했습니다.
Molson Coors Beverage Company (NYSE: TAP) a publié ses résultats financiers pour le 2e trimestre 2024. Les ventes nettes ont légèrement diminué de 0,4%, mais le résultat avant impôt a augmenté de 26,9% pour atteindre 559,9 millions de dollars.
Le résultat sous-jacent avant impôt s'est amélioré de 5,2% à taux de change constant. L'entreprise a restitué 353 millions de dollars aux actionnaires via des dividendes et des rachats d'actions et a réaffirmé ses prévisions de 2024 pour la croissance du chiffre d'affaires et des bénéfices.
Pour le premier semestre 2024, les ventes nettes ont augmenté de 4,2% à taux de change constant, tandis que le résultat sous-jacent avant impôt a augmenté de 20,4%.
Le résultat net selon les normes GAAP américaines pour le 2e trimestre était de 427 millions de dollars, soit 2,03 dollars par action diluée, le BPA dilué non-GAAP ayant augmenté de 7,9% pour atteindre 1,92 dollar. Le PDG Gavin Hattersley a souligné un solide flux de trésorerie et des investissements stratégiques soutenant la croissance à long terme.
Molson Coors Beverage Company (NYSE: TAP) hat ihre Finanzzahlen für das 2. Quartal 2024 veröffentlicht. Die Nettoverkäufe sind um 0,4% leicht gesunken, während das Einkommen vor Steuern um 26,9% auf 559,9 Millionen US-Dollar gestiegen ist.
Das zugrunde liegende Einkommen vor Steuern hat sich in konstanten Währung besser um 5,2% entwickelt. Das Unternehmen hat 353 Millionen US-Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurückgegeben und seine Prognose für 2024 sowohl für das Umsatz- als auch das Gewinnwachstum bestätigt.
Für das erste Halbjahr 2024 stiegen die Nettoverkäufe in konstanten Währungen um 4,2%, während das zugrunde liegende Einkommen vor Steuern um 20,4% zulegte.
Der Nettoertrag nach US-GAAP für das 2. Quartal betrug 427 Millionen US-Dollar, also 2,03 US-Dollar pro verwässerter Aktie, wobei das nicht-GAAP verwässerte EPS um 7,9% auf 1,92 US-Dollar stieg. CEO Gavin Hattersley hob den starken Cashflow und strategische Investitionen hervor, die das langfristige Wachstum unterstützen.
- Income before income taxes increased by 26.9% to $559.9 million.
- Net income attributable to MCBC rose by 24.7% to $427 million.
- Underlying diluted EPS increased by 7.9% to $1.92.
- Returned $353 million to shareholders through dividends and share repurchases.
- Reaffirmed full-year guidance for top and bottom-line growth.
- Net sales decreased by 0.4%.
- Financial volumes decreased by 4.1%.
- Brand volumes decreased by 4.9%.
Insights
Molson Coors' Q2 2024 results show resilience in a challenging environment. While net sales decreased slightly by
Key positives include:
- Underlying income before taxes up
5.2% in constant currency - Strong cash flow allowing
$353 million returned to shareholders - Improved bottom line despite lower volumes
However, challenges remain with financial volumes down
Molson Coors' market performance shows mixed results across regions. In the U.S., core brands (Coors Light, Miller Lite, Coors Banquet) lost some share but retained
The EMEA&APAC region shows promise, with brand volumes up
The company's premiumization strategy is progressing well in EMEA&APAC, Canada and Latin America, but requires more focus in the U.S. market. This indicates potential for future growth in the important U.S. segment if executed effectively.
Molson Coors' financial strategy demonstrates prudent management in uncertain times. The company is effectively balancing growth investments with shareholder returns. Key strategic moves include:
- Accelerated share repurchases in Q2, totaling
$375.3 million for H1 2024 - Maintained quarterly dividend at
$0.44 per share - Reduced net debt to underlying EBITDA ratio to 2.13x from 2.50x year-over-year
The company's guidance for
Net Sales Nearly Flat while Income Before Income Taxes Improves
Returns
Reaffirms 2024 Full Year Guidance for Top-Line and Bottom-Line Growth
2024 SECOND QUARTER FINANCIAL HIGHLIGHTS1
-
Net sales decreased
0.4% reported and0.1% in constant currency.
-
U.S. GAAP income before income taxes of increased$559.9 million 26.9% reported.
-
Underlying (Non-GAAP) income before income taxes of
improved$531.2 million 5.2% in constant currency.
-
U.S. GAAP net income attributable to MCBC of ,$427.0 million per share on a diluted basis. Underlying (Non-GAAP) diluted earnings per share of$2.03 per share increased$1.92 7.9% .
CEO AND CFO PERSPECTIVES
Molson Coors had strong results this quarter which played out largely as we expected. In the second quarter of 2024, we essentially held the top line and grew the bottom line
Our performance in the first half of the year was largely driven by favorable price and favorable
We continue to make progress against our strategic priorities and execute against our Acceleration Plan initiatives. According to Circana, in the
Progress against our premiumization strategy is at different stages across our markets as we have had strong success in EMEA&APAC,
With strong cash flow, we continued to invest in our business, supporting our brands globally and continuing to build capabilities that help drive long-term, sustainable and profitable growth. We did this while returning
______________________
1 See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
Gavin Hattersley, President and Chief Executive Officer Statement:
"We are confident in our strategy, the trajectory of our total business, and in our short and long-term growth objectives. We've just delivered another quarter of bottom-line growth and strong cash flow, and the highly cash-generative nature of our business has enabled us to continue investing in our brands and our capabilities to support our progress against our strategic initiatives. We are a much different company today than we were four years ago and we are certainly stronger than we were just 16 months ago."
Tracey Joubert, Chief Financial Officer Statement:
"Given our strong performance for the first half of the year, we are reaffirming our full year 2024 guidance which would mean top and bottom-line growth for the third straight year. And while this guidance implies challenging second half trends related to
CONSOLIDATED PERFORMANCE - SECOND QUARTER 2024
|
For the Three Months Ended |
||||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported
|
|
Foreign
|
|
Constant
|
||||||
Net sales |
$ |
3,252.3 |
|
$ |
3,266.6 |
|
(0.4 |
)% |
|
$ |
(12.2 |
) |
|
(0.1 |
)% |
|
$ |
559.9 |
|
$ |
441.1 |
|
26.9 |
% |
|
$ |
2.6 |
|
|
26.3 |
% |
Underlying income (loss) before income taxes(1) |
$ |
531.2 |
|
$ |
502.2 |
|
5.8 |
% |
|
$ |
2.7 |
|
|
5.2 |
% |
|
$ |
427.0 |
|
$ |
342.4 |
|
24.7 |
% |
|
|
|
|
|||
Per diluted share |
$ |
2.03 |
|
$ |
1.57 |
|
29.3 |
% |
|
|
|
|
|||
Underlying net income (loss)(1) |
$ |
404.2 |
|
$ |
387.2 |
|
4.4 |
% |
|
|
|
|
|||
Per diluted share |
$ |
1.92 |
|
$ |
1.78 |
|
7.9 |
% |
|
|
|
|
|||
Financial volume(3) |
|
22.430 |
|
|
23.385 |
|
(4.1 |
)% |
|
|
|
|
|||
Brand volume(3) |
|
21.715 |
|
|
22.822 |
|
(4.9 |
)% |
|
|
|
|
|||
|
For the Six Months Ended |
||||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported
|
|
Foreign
|
|
Constant
|
||||||
Net sales |
$ |
5,848.7 |
|
$ |
5,612.9 |
|
4.2 |
% |
|
$ |
0.4 |
|
|
4.2 |
% |
|
$ |
825.3 |
|
$ |
543.0 |
|
52.0 |
% |
|
$ |
(5.0 |
) |
|
52.9 |
% |
Underlying income (loss) before income taxes(1) |
$ |
790.0 |
|
$ |
660.0 |
|
19.7 |
% |
|
$ |
(4.8 |
) |
|
20.4 |
% |
|
$ |
634.8 |
|
$ |
414.9 |
|
53.0 |
% |
|
|
|
|
|||
Per diluted share |
$ |
2.99 |
|
$ |
1.91 |
|
56.5 |
% |
|
|
|
|
|||
Underlying net income (loss)(1) |
$ |
607.0 |
|
$ |
503.5 |
|
20.6 |
% |
|
|
|
|
|||
Per diluted share |
$ |
2.86 |
|
$ |
2.31 |
|
23.8 |
% |
|
|
|
|
|||
Financial volume(3) |
|
40.404 |
|
|
40.391 |
|
— |
% |
|
|
|
|
|||
Brand volume(3) |
|
38.614 |
|
|
39.003 |
|
(1.0 |
)% |
|
|
|
|
(1) |
Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. | |
(2) |
Net income (loss) attributable to MCBC. |
|
(3) |
See Worldwide and Segmented Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. |
QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS SECOND QUARTER 2023 RESULTS)
- Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2024 compared to June 30, 2023 (in percentages):
Net Sales Drivers (unaudited) |
||
Financial volume |
(4.1 |
%) |
Price and sales mix |
4.0 |
% |
Currency |
(0.3 |
%) |
Total consolidated net sales |
(0.4 |
%) |
|
|
Net sales decreased
Financial volumes decreased
Price and sales mix favorably impacted net sales by
-
Cost of goods sold ("COGS"): decreased
6.1% on a reported basis, primarily due to lower financial volumes, lower cost of goods sold per hectoliter and favorable foreign currency impacts. COGS per hectoliter: improved2.1% on a reported basis, including favorable foreign currency impacts of0.4% , primarily due to the favorable changes in our unrealized mark-to-market derivative positions of and cost savings initiatives, partially offset by cost inflation related to materials and manufacturing expenses, volume deleverage and unfavorable mix driven by lower contract brewing volumes in the$91.5 million Americas segment. Underlying COGS per hectoliter: increased2.9% in constant currency, primarily due to cost inflation related to materials and manufacturing expenses, volume deleverage and unfavorable mix driven by lower contract brewing volumes in theAmericas segment, partially offset by cost savings initiatives.
-
Marketing, general & administrative ("MG&A"): decreased
0.9% on a reported basis, primarily due to lower incentive compensation expense and favorable foreign currency impacts, partially offset by increased marketing investment to support our brands and innovations. Underlying MG&A: decreased0.4% in constant currency.
-
U.S. GAAP income (loss) before income taxes:U.S. GAAP income before income taxes improved26.9% on a reported basis, primarily due to favorable changes to our unrealized mark-to-market derivative positions, increased net pricing, favorable sales mix and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses.
-
Underlying income (loss) before income taxes: Underlying income before income taxes improved
5.2% in constant currency, primarily due to increased net pricing, favorable sales mix and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses.
- Effective Tax Rate:
(Unaudited) |
For the Three Months Ended |
||||
June 30, 2024 |
|
June 30, 2023 |
|||
|
24 |
% |
|
22 |
% |
The increase in our second quarter
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS SECOND QUARTER 2023 RESULTS)
Americas Segment Overview
The following table highlights the
|
For the Three Months Ended |
||||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported %
|
|
FX Impact |
|
Constant
|
||||||
Net sales(1) |
$ |
2,575.9 |
|
$ |
2,621.7 |
|
(1.7 |
) |
|
$ |
(6.9 |
) |
|
(1.5 |
) |
Income (loss) before income taxes(1) |
$ |
487.1 |
|
$ |
487.3 |
|
— |
|
|
$ |
(1.1 |
) |
|
0.2 |
|
Underlying income (loss) before income taxes(1)(2) |
$ |
487.4 |
|
$ |
487.6 |
|
— |
|
|
$ |
(1.1 |
) |
|
0.2 |
|
|
For the Six Months Ended |
||||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported %
|
|
FX Impact |
|
Constant
|
||||||
Net sales(1) |
$ |
4,721.3 |
|
$ |
4,560.7 |
|
3.5 |
|
$ |
(6.1 |
) |
|
3.7 |
||
Income (loss) before income taxes(1) |
$ |
807.7 |
|
$ |
720.7 |
|
12.1 |
|
$ |
(2.4 |
) |
|
12.4 |
||
Underlying income (loss) before income taxes(1)(2) |
$ |
808.5 |
|
$ |
721.5 |
|
12.1 |
|
$ |
(2.4 |
) |
|
12.4 |
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1) |
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. |
|
(2) |
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. |
Americas Segment Highlights (Versus Second Quarter 2023 Results)
- Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2024 compared to June 30, 2023 (in percentages):
Net Sales Drivers (unaudited) |
||
Financial volume |
(5.6 |
%) |
Price and sales mix |
4.1 |
% |
Currency |
(0.2 |
%) |
Total |
(1.7 |
%) |
|
|
Net sales decreased
Financial volumes decreased
Price and sales mix favorably impacted net sales by
-
U.S. GAAP and Underlying income (loss) before income taxes:U.S. GAAP income before income taxes was flat on a reported basis and underlying income before income taxes improved0.2% in constant currency, primarily due to increased net pricing, favorable sales mix, lower MG&A and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses. Lower MG&A spend was primarily due to lower incentive compensation expense, partially offset by increased marketing investment to support our brands and innovations.
EMEA&APAC Segment Overview
The following table highlights the EMEA&APAC segment results for the three and six months ended June 30, 2024 compared to June 30, 2023.
|
For the Three Months Ended |
|||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported
|
|
FX Impact |
|
Constant
|
|||||
Net sales(1) |
$ |
683.3 |
|
$ |
649.0 |
|
5.3 |
|
$ |
(5.3 |
) |
|
6.1 |
|
Income (loss) before income taxes(1) |
$ |
81.2 |
|
$ |
64.2 |
|
26.5 |
|
$ |
(1.9 |
) |
|
29.4 |
|
Underlying income (loss) before income taxes(1)(2) |
$ |
81.0 |
|
$ |
64.2 |
|
26.2 |
|
$ |
(1.8 |
) |
|
29.0 |
|
|
For the Six Months Ended |
|||||||||||||
($ in millions, except per share data) (Unaudited) |
June 30, 2024 |
|
June 30, 2023 |
|
Reported
|
|
FX Impact |
|
Constant
|
|||||
Net sales(1) |
$ |
1,138.0 |
|
$ |
1,059.1 |
|
7.4 |
|
$ |
6.5 |
|
|
6.8 |
|
Income (loss) before income taxes(1) |
$ |
70.2 |
|
$ |
38.8 |
|
80.9 |
|
$ |
(3.8 |
) |
|
90.7 |
|
Underlying income (loss) before income taxes(1)(2) |
$ |
63.7 |
|
$ |
42.4 |
|
50.2 |
|
$ |
(3.5 |
) |
|
58.5 |
|
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1) |
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. |
|
(2) |
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. |
EMEA&APAC Segment Highlights (Versus Second Quarter 2023 Results)
- Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2024 compared to June 30, 2023 (in percentages):
Net Sales Drivers (unaudited) |
||
Financial volume |
0.3 |
% |
Price and sales mix |
5.8 |
% |
Currency |
(0.8 |
%) |
Total EMEA&APAC net sales |
5.3 |
% |
|
|
Net sales increased
Financial volumes increased
Price and sales mix favorably impacted net sales by
-
U.S. GAAP and Underlying income (loss) before income taxes:U.S. GAAP income before income taxes improved26.5% on a reported basis and underlying income before income taxes improved29.0% in constant currency, primarily due to increased net pricing, favorable sales mix and cost savings initiatives, partially offset by higher MG&A expense. Higher MG&A expense was primarily due to increased marketing to support our brands and innovations as well as cost inflation.
CASH FLOW AND LIQUIDITY HIGHLIGHTS
-
U.S. GAAP cash from operations: Net cash provided by operating activities was for the six months ended June 30, 2024 which increased$894.6 million compared to the prior year, primarily due to higher net income offset by lower non-cash expense and the unfavorable changes in working capital. The unfavorable changes in working capital were primarily driven by the timing of cash receipts as well as higher payments for annual incentive compensation.$0.2 million
-
Underlying free cash flow: Cash generated of
for the six months ended June 30, 2024 represents a decrease in cash provided of$505.0 million from the prior year, which was primarily due to higher capital expenditures driven by the timing of capital projects.$64.7 million
-
Debt: Total debt as of June 30, 2024 was
and cash and cash equivalents totaled$7,055.7 million , resulting in net debt of$1,647.3 million and a net debt to underlying EBITDA ratio of 2.13x. As of June 30, 2023, our net debt to underlying EBITDA ratio was 2.50x. Subsequent to June 30, 2024, we repaid our$5,408.4 million EUR 800 million 1.25% notes upon their maturity on July 15, 2024 using the proceeds from ourEUR 800 million 3.8% notes issued on May 29, 2024 and cash on hand.
-
Dividends: We paid cash dividends of
and$188.4 million for the six months ended June 30, 2024 and June 30, 2023, respectively.$178.2 million
-
Share Repurchase Program: We paid
and$375.3 million , including brokerage commissions, for share repurchases during the six months ended June 30, 2024 and June 30, 2023, respectively. The current year share repurchases were made under the share repurchase program approved on September 29, 2023 and the prior year share repurchases were made under the share repurchase program approved on February 17, 2022.$26.7 million
2024 OUTLOOK
We continue to expect to achieve the following key financial targets for full year 2024:
- Net Sales: low single-digit increase versus 2023 on a constant currency basis.
- Underlying income (loss) before income taxes: mid single-digit increase compared to 2023 on a constant currency basis.
- Underlying diluted earnings per share: mid single-digit increase compared to 2023.
-
Capital expenditures:
incurred, plus or minus$750 million 5% . -
Underlying free cash flow:
, plus or minus$1.2 billion 10% . -
Underlying depreciation and amortization:
, plus or minus$700 million 5% . -
Consolidated net interest expense:
, plus or minus$210 million 5% . -
Underlying effective tax rate: in the range of
23% to25% for 2024.
These targets are based on the following key considerations:
-
In the
U.S. , our sales to wholesalers were deliberately ahead of sales to retailers by about 1.1 million hectoliters in the first half of the year as compared to sales to wholesalers being behind sales to retailers by about 0.4 million in the first half of 2023. We expect this to reverse in the second half of the year, mostly in the third quarter, as we currently plan to ship to consumption for the full year.
-
The wind down of a contract brewing agreement leading up to the termination by the end of 2024 is expected to result in a reduction in
Americas' financial volume by approximately 1.0 million hectoliters for the balance of the year.
- Underlying COGS per hectoliter are expected to be higher in full year 2024 as compared to full year 2023. This is due to expected continued, albeit moderating inflation, mix impacts from the wind down of contract brewing volume and a lower volume leverage impact as compared to full year 2023.
- MG&A expense is expected to be lower than 2023 in the second half of the year.
On July 18, 2024, our Board of Directors declared a dividend of
NOTES
Unless otherwise indicated in this release, all $ amounts are in
2024 SECOND QUARTER INVESTOR CONFERENCE CALL
Molson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 8:30 a.m. Eastern Time today to discuss the Company’s 2024 second quarter results. The live webcast will be accessible via our website, ir.molsoncoors.com. An online replay of the webcast will be available until 11:59 p.m. Eastern Time on November 6, 2024. The Company will post this release and related financial statements on its website today.
OVERVIEW OF MOLSON COORS BEVERAGE COMPANY
For more than two centuries, Molson Coors Beverage Company has been brewing beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian,
Our reporting segments include:
Our Imprint strategy is focused on People & Planet initiatives that support our commitment to raising industry standards and leaving a positive imprint on our employees, consumers, communities and the environment. To learn more about Molson Coors Beverage Company, visit molsoncoors.com, MolsonCoorsOurImprint.com or on X (formerly Twitter) through @MolsonCoors.
ABOUT MOLSON COORS CANADA INC.
Molson Coors Canada Inc. ("MCCI") is a subsidiary of Molson Coors Beverage Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the
FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the
Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
MARKET AND INDUSTRY DATA
The market and industry data used, if any, in this press release are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Circana (formerly Information Resources, Inc.) for U.S. market data and Beer Canada for Canadian market data (collectively, the “Third Party Information”), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.
APPENDIX
STATEMENTS OF OPERATIONS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES |
|||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
|
|||||||||||||||
(In millions, except per share data) (Unaudited) |
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Sales |
$ |
3,838.1 |
|
|
$ |
3,871.1 |
|
|
$ |
6,887.4 |
|
|
$ |
6,645.9 |
|
Excise taxes |
|
(585.8 |
) |
|
|
(604.5 |
) |
|
|
(1,038.7 |
) |
|
|
(1,033.0 |
) |
Net sales |
|
3,252.3 |
|
|
|
3,266.6 |
|
|
|
5,848.7 |
|
|
|
5,612.9 |
|
Cost of goods sold |
|
(1,922.4 |
) |
|
|
(2,047.7 |
) |
|
|
(3,555.3 |
) |
|
|
(3,623.3 |
) |
Gross profit |
|
1,329.9 |
|
|
|
1,218.9 |
|
|
|
2,293.4 |
|
|
|
1,989.6 |
|
Marketing, general and administrative expenses |
|
(728.5 |
) |
|
|
(734.9 |
) |
|
|
(1,383.1 |
) |
|
|
(1,349.9 |
) |
Other operating income (expense), net |
|
0.1 |
|
|
|
0.2 |
|
|
|
6.4 |
|
|
|
(0.3 |
) |
Equity income (loss) |
|
(1.9 |
) |
|
|
4.3 |
|
|
|
(2.8 |
) |
|
|
7.3 |
|
Operating income (loss) |
|
599.6 |
|
|
|
488.5 |
|
|
|
913.9 |
|
|
|
646.7 |
|
Interest income (expense), net |
|
(51.2 |
) |
|
|
(54.6 |
) |
|
|
(99.6 |
) |
|
|
(113.7 |
) |
Other pension and postretirement benefits (costs), net |
|
7.3 |
|
|
|
2.6 |
|
|
|
14.7 |
|
|
|
5.2 |
|
Other non-operating income (expense), net |
|
4.2 |
|
|
|
4.6 |
|
|
|
(3.7 |
) |
|
|
4.8 |
|
Income (loss) before income taxes |
|
559.9 |
|
|
|
441.1 |
|
|
|
825.3 |
|
|
|
543.0 |
|
Income tax benefit (expense) |
|
(134.6 |
) |
|
|
(95.0 |
) |
|
|
(190.1 |
) |
|
|
(123.7 |
) |
Net income (loss) |
|
425.3 |
|
|
|
346.1 |
|
|
|
635.2 |
|
|
|
419.3 |
|
Net (income) loss attributable to noncontrolling interests |
|
1.7 |
|
|
|
(3.7 |
) |
|
|
(0.4 |
) |
|
|
(4.4 |
) |
Net income (loss) attributable to MCBC |
$ |
427.0 |
|
|
$ |
342.4 |
|
|
$ |
634.8 |
|
|
$ |
414.9 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) attributable to MCBC per share |
$ |
2.03 |
|
|
$ |
1.58 |
|
|
$ |
3.00 |
|
|
$ |
1.92 |
|
Diluted net income (loss) attributable to MCBC per share |
$ |
2.03 |
|
|
$ |
1.57 |
|
|
$ |
2.99 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic |
|
210.0 |
|
|
|
216.4 |
|
|
|
211.3 |
|
|
|
216.5 |
|
Weighted average shares outstanding - diluted |
|
210.8 |
|
|
|
217.8 |
|
|
|
212.5 |
|
|
|
217.6 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share |
$ |
0.44 |
|
|
$ |
0.41 |
|
|
$ |
0.88 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
||||||||
BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In millions, except par value) (Unaudited) |
As of |
||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
1,647.3 |
|
|
$ |
868.9 |
|
Trade receivables, net |
|
1,073.8 |
|
|
|
757.8 |
|
Other receivables, net |
|
130.8 |
|
|
|
121.6 |
|
Inventories, net |
|
848.5 |
|
|
|
802.3 |
|
Other current assets, net |
|
337.3 |
|
|
|
297.9 |
|
Total current assets |
|
4,037.7 |
|
|
|
2,848.5 |
|
Property, plant and equipment, net |
|
4,473.0 |
|
|
|
4,444.5 |
|
Goodwill |
|
5,321.9 |
|
|
|
5,325.3 |
|
Other intangibles, net |
|
12,393.5 |
|
|
|
12,614.6 |
|
Other assets |
|
1,168.1 |
|
|
|
1,142.2 |
|
Total assets |
$ |
27,394.2 |
|
|
$ |
26,375.1 |
|
Liabilities and equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable and other current liabilities |
$ |
3,342.1 |
|
|
$ |
3,180.8 |
|
Current portion of long-term debt and short-term borrowings |
|
894.2 |
|
|
|
911.8 |
|
Total current liabilities |
|
4,236.3 |
|
|
|
4,092.6 |
|
Long-term debt |
|
6,161.5 |
|
|
|
5,312.1 |
|
Pension and postretirement benefits |
|
455.1 |
|
|
|
465.8 |
|
Deferred tax liabilities |
|
2,760.4 |
|
|
|
2,697.2 |
|
Other liabilities |
|
365.2 |
|
|
|
372.3 |
|
Total liabilities |
|
13,978.5 |
|
|
|
12,940.0 |
|
Redeemable noncontrolling interest |
|
26.7 |
|
|
|
27.9 |
|
Molson Coors Beverage Company stockholders' equity |
|
|
|
||||
Capital stock |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Class A common stock, |
|
— |
|
|
|
— |
|
Class B common stock, |
|
2.1 |
|
|
|
2.1 |
|
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively) |
|
100.8 |
|
|
|
100.8 |
|
Class B exchangeable shares, no par value (issued and outstanding: 9.4 shares and 9.4 shares, respectively) |
|
352.3 |
|
|
|
352.3 |
|
Paid-in capital |
|
7,119.4 |
|
|
|
7,108.4 |
|
Retained earnings |
|
7,932.4 |
|
|
|
7,484.3 |
|
Accumulated other comprehensive income (loss) |
|
(1,217.3 |
) |
|
|
(1,116.3 |
) |
Class B common stock held in treasury at cost (20.3 shares and 13.9 shares, respectively) |
|
(1,110.1 |
) |
|
|
(735.6 |
) |
Total Molson Coors Beverage Company stockholders' equity |
|
13,179.6 |
|
|
|
13,196.0 |
|
Noncontrolling interests |
|
209.4 |
|
|
|
211.2 |
|
Total equity |
|
13,389.0 |
|
|
|
13,407.2 |
|
Total liabilities and equity |
$ |
27,394.2 |
|
|
$ |
26,375.1 |
|
|
|
|
|
||||
CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(In millions) (Unaudited) |
For the Six Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income (loss) including noncontrolling interests |
$ |
635.2 |
|
|
$ |
419.3 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
|
||||
Depreciation and amortization |
|
336.7 |
|
|
|
339.9 |
|
Amortization of debt issuance costs and discounts |
|
2.7 |
|
|
|
2.9 |
|
Share-based compensation |
|
24.2 |
|
|
|
20.3 |
|
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net |
|
(6.4 |
) |
|
|
(1.9 |
) |
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net |
|
(28.0 |
) |
|
|
111.6 |
|
Equity (income) loss |
|
2.8 |
|
|
|
(7.3 |
) |
Income tax (benefit) expense |
|
190.1 |
|
|
|
123.7 |
|
Income tax (paid) received |
|
(105.2 |
) |
|
|
(78.2 |
) |
Interest expense, excluding amortization of debt issuance costs and discounts |
|
110.5 |
|
|
|
118.4 |
|
Interest paid |
|
(102.5 |
) |
|
|
(109.4 |
) |
Change in current assets and liabilities and other |
|
(165.5 |
) |
|
|
(44.9 |
) |
Net cash provided by (used in) operating activities |
|
894.6 |
|
|
|
894.4 |
|
Cash flows from investing activities |
|
|
|
||||
Additions to property, plant and equipment |
|
(392.2 |
) |
|
|
(335.1 |
) |
Proceeds from sales of property, plant, equipment and other assets |
|
10.3 |
|
|
|
5.5 |
|
Other |
|
0.5 |
|
|
|
(11.0 |
) |
Net cash provided by (used in) investing activities |
|
(381.4 |
) |
|
|
(340.6 |
) |
Cash flows from financing activities |
|
|
|
||||
Dividends paid |
|
(188.4 |
) |
|
|
(178.2 |
) |
Payments for purchases of treasury stock |
|
(375.3 |
) |
|
|
(26.7 |
) |
Payments on debt and borrowings |
|
(3.4 |
) |
|
|
(6.1 |
) |
Proceeds on debt and borrowings |
|
863.7 |
|
|
|
7.0 |
|
Other |
|
(11.0 |
) |
|
|
2.1 |
|
Net cash provided by (used in) financing activities |
|
285.6 |
|
|
|
(201.9 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
(20.4 |
) |
|
|
9.0 |
|
Net increase (decrease) in cash and cash equivalents |
|
778.4 |
|
|
|
360.9 |
|
Balance at beginning of year |
|
868.9 |
|
|
|
600.0 |
|
Balance at end of period |
$ |
1,647.3 |
|
|
$ |
960.9 |
|
|
|
|
|
||||
SUMMARIZED SEGMENT RESULTS (hectoliter volume and $ in millions) (Unaudited)
|
Q2 2024 |
Q2 2023 |
Reported %
|
FX
|
Constant
|
|
YTD 2024 |
YTD 2023 |
Reported %
|
FX
|
Constant
|
||||||||||||||||
Net sales(1) |
$ |
2,575.9 |
|
$ |
2,621.7 |
|
(1.7 |
) |
$ |
(6.9 |
) |
(1.5 |
) |
|
$ |
4,721.3 |
|
$ |
4,560.7 |
|
3.5 |
|
$ |
(6.1 |
) |
3.7 |
|
COGS(1)(2) |
$ |
(1,525.7 |
) |
$ |
(1,556.8 |
) |
2.0 |
|
$ |
4.6 |
|
1.7 |
|
|
$ |
(2,841.2 |
) |
$ |
(2,780.5 |
) |
(2.2 |
) |
$ |
4.0 |
|
(2.3 |
) |
MG&A |
$ |
(560.7 |
) |
$ |
(584.1 |
) |
4.0 |
|
$ |
1.8 |
|
3.7 |
|
|
$ |
(1,067.4 |
) |
$ |
(1,068.8 |
) |
0.1 |
|
$ |
1.6 |
|
— |
|
Income (loss) before income taxes |
$ |
487.1 |
|
$ |
487.3 |
|
— |
|
$ |
(1.1 |
) |
0.2 |
|
|
$ |
807.7 |
|
$ |
720.7 |
|
12.1 |
|
$ |
(2.4 |
) |
12.4 |
|
Underlying income (loss) before income taxes(3) |
$ |
487.4 |
|
$ |
487.6 |
|
— |
|
$ |
(1.1 |
) |
0.2 |
|
|
$ |
808.5 |
|
$ |
721.5 |
|
12.1 |
|
$ |
(2.4 |
) |
12.4 |
|
Financial volume(1)(4) |
|
16.396 |
|
|
17.368 |
|
(5.6 |
) |
|
|
|
|
30.306 |
|
|
30.304 |
|
— |
|
|
|
||||||
Brand volume |
|
15.670 |
|
|
16.895 |
|
(7.3 |
) |
|
|
|
|
28.561 |
|
|
29.141 |
|
(2.0 |
) |
|
|
||||||
EMEA&APAC |
Q2 2024 |
Q2 2023 |
Reported %
|
FX
|
Constant
|
|
YTD 2024 |
YTD 2023 |
Reported %
|
FX
|
Constant
|
||||||||||||||||
Net sales(1) |
$ |
683.3 |
|
$ |
649.0 |
|
5.3 |
|
$ |
(5.3 |
) |
6.1 |
|
|
$ |
1,138.0 |
|
$ |
1,059.1 |
|
7.4 |
|
$ |
6.5 |
|
6.8 |
|
COGS(1)(2) |
$ |
(431.9 |
) |
$ |
(433.3 |
) |
0.3 |
|
$ |
3.3 |
|
(0.4 |
) |
|
$ |
(753.5 |
) |
$ |
(737.3 |
) |
(2.2 |
) |
$ |
(4.7 |
) |
(1.6 |
) |
MG&A |
$ |
(167.8 |
) |
$ |
(150.8 |
) |
(11.3 |
) |
$ |
1.7 |
|
(12.4 |
) |
|
$ |
(315.7 |
) |
$ |
(281.1 |
) |
(12.3 |
) |
$ |
(1.9 |
) |
(11.6 |
) |
Income (loss) before income taxes |
$ |
81.2 |
|
$ |
64.2 |
|
26.5 |
|
$ |
(1.9 |
) |
29.4 |
|
|
$ |
70.2 |
|
$ |
38.8 |
|
80.9 |
|
$ |
(3.8 |
) |
90.7 |
|
Underlying income (loss) before income taxes(3) |
$ |
81.0 |
|
$ |
64.2 |
|
26.2 |
|
$ |
(1.8 |
) |
29.0 |
|
|
$ |
63.7 |
|
$ |
42.4 |
|
50.2 |
|
$ |
(3.5 |
) |
58.5 |
|
Financial volume(1)(4) |
|
6.037 |
|
|
6.018 |
|
0.3 |
|
|
|
|
|
10.101 |
|
|
10.089 |
|
0.1 |
|
|
|
||||||
Brand volume |
|
6.045 |
|
|
5.927 |
|
2.0 |
|
|
|
|
|
10.053 |
|
|
9.862 |
|
1.9 |
|
|
|
||||||
Unallocated & Eliminations |
Q2 2024 |
Q2 2023 |
Reported %
|
FX
|
Constant
|
|
YTD 2024 |
YTD 2023 |
Reported %
|
FX
|
Constant
|
||||||||||||||||
Net sales |
$ |
(6.9 |
) |
$ |
(4.1 |
) |
(68.3 |
) |
|
|
|
$ |
(10.6 |
) |
$ |
(6.9 |
) |
(53.6 |
) |
|
|
||||||
COGS(2) |
$ |
35.2 |
|
$ |
(57.6 |
) |
N/M |
|
|
|
|
$ |
39.4 |
|
$ |
(105.5 |
) |
N/M |
|
|
|
||||||
Income (loss) before income taxes |
$ |
(8.4 |
) |
$ |
(110.4 |
) |
92.4 |
|
$ |
5.6 |
|
87.3 |
|
|
$ |
(52.6 |
) |
$ |
(216.5 |
) |
75.7 |
|
$ |
1.2 |
|
75.2 |
|
Underlying income (loss) before income taxes(3) |
$ |
(37.2 |
) |
$ |
(49.6 |
) |
25.0 |
|
$ |
5.6 |
|
13.7 |
|
|
$ |
(82.2 |
) |
$ |
(103.9 |
) |
20.9 |
|
$ |
1.1 |
|
19.8 |
|
Financial volume |
|
(0.003 |
) |
|
(0.001 |
) |
N/M |
|
|
|
|
|
(0.003 |
) |
|
(0.002 |
) |
N/M |
|
|
|
||||||
Consolidated |
Q2 2024 |
Q2 2023 |
Reported %
|
FX
|
Constant
|
|
YTD 2024 |
YTD 2023 |
Reported %
|
FX
|
Constant
|
||||||||||||||||
Net sales |
$ |
3,252.3 |
|
$ |
3,266.6 |
|
(0.4 |
) |
$ |
(12.2 |
) |
(0.1 |
) |
|
$ |
5,848.7 |
|
$ |
5,612.9 |
|
4.2 |
|
$ |
0.4 |
|
4.2 |
|
COGS |
$ |
(1,922.4 |
) |
$ |
(2,047.7 |
) |
6.1 |
|
$ |
7.9 |
|
5.7 |
|
|
$ |
(3,555.3 |
) |
$ |
(3,623.3 |
) |
1.9 |
|
$ |
(0.6 |
) |
1.9 |
|
MG&A |
$ |
(728.5 |
) |
$ |
(734.9 |
) |
0.9 |
|
$ |
3.5 |
|
0.4 |
|
|
$ |
(1,383.1 |
) |
$ |
(1,349.9 |
) |
(2.5 |
) |
$ |
(0.3 |
) |
(2.4 |
) |
Income (loss) before income taxes |
$ |
559.9 |
|
$ |
441.1 |
|
26.9 |
|
$ |
2.6 |
|
26.3 |
|
|
$ |
825.3 |
|
$ |
543.0 |
|
52.0 |
|
$ |
(5.0 |
) |
52.9 |
|
Underlying income (loss) before income taxes(3) |
$ |
531.2 |
|
$ |
502.2 |
|
5.8 |
|
$ |
2.7 |
|
5.2 |
|
|
$ |
790.0 |
|
$ |
660.0 |
|
19.7 |
|
$ |
(4.8 |
) |
20.4 |
|
Financial volume(4) |
|
22.430 |
|
|
23.385 |
|
(4.1 |
) |
|
|
|
|
40.404 |
|
|
40.391 |
|
— |
|
|
|
||||||
Brand volume |
|
21.715 |
|
|
22.822 |
|
(4.9 |
) |
|
|
|
|
38.614 |
|
|
39.003 |
|
(1.0 |
) |
|
|
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1) |
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. |
|
(2) |
The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. |
|
(3) |
Represents income (loss) before taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency. |
|
(4) |
Financial volume in hectoliters for the |
WORLDWIDE AND SEGMENT BRAND AND FINANCIAL VOLUME (in millions of hectoliters) (Unaudited) |
|||||||||
|
|
For the Three Months Ended |
|||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
16.396 |
|
|
17.368 |
|
|
(5.6 |
)% |
Contract brewing and wholesale/factored volume |
|
(0.930 |
) |
|
(1.611 |
) |
|
(42.3 |
)% |
Royalty volume |
|
0.578 |
|
|
0.645 |
|
|
(10.4 |
)% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1) |
|
(0.374 |
) |
|
0.493 |
|
|
N/M |
|
Total Americas Brand Volume |
|
15.670 |
|
|
16.895 |
|
|
(7.3 |
)% |
|
|
|
|
|
|
|
|||
EMEA&APAC |
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
6.037 |
|
|
6.018 |
|
|
0.3 |
% |
Contract brewing and wholesale/factored volume |
|
(0.317 |
) |
|
(0.341 |
) |
|
(7.0 |
)% |
Royalty volume |
|
0.325 |
|
|
0.250 |
|
|
30.0 |
% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1) |
|
— |
|
|
— |
|
|
N/M |
|
Total EMEA&APAC Brand Volume |
|
6.045 |
|
|
5.927 |
|
|
2.0 |
% |
|
|
|
|
|
|
|
|||
Consolidated |
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
22.430 |
|
|
23.385 |
|
|
(4.1 |
)% |
Contract brewing and wholesale/factored volume |
|
(1.247 |
) |
|
(1.952 |
) |
|
(36.1 |
)% |
Royalty volume |
|
0.903 |
|
|
0.895 |
|
|
0.9 |
% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other |
|
(0.371 |
) |
|
0.494 |
|
|
N/M |
|
Total Worldwide Brand Volume |
|
21.715 |
|
|
22.822 |
|
|
(4.9 |
)% |
|
|
|
|
|
|
|
|||
|
|
For the Six Months Ended |
|||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
30.306 |
|
|
30.304 |
|
|
— |
% |
Contract brewing and wholesale/factored volume |
|
(1.800 |
) |
|
(2.813 |
) |
|
(36.0 |
)% |
Royalty volume |
|
1.169 |
|
|
1.263 |
|
|
(7.4 |
)% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1) |
|
(1.114 |
) |
|
0.387 |
|
|
N/M |
|
Total Americas Brand Volume |
|
28.561 |
|
|
29.141 |
|
|
(2.0 |
)% |
|
|
|
|
|
|
|
|||
EMEA&APAC |
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
10.101 |
|
|
10.089 |
|
|
0.1 |
% |
Contract brewing and wholesale/factored volume |
|
(0.591 |
) |
|
(0.632 |
) |
|
(6.5 |
)% |
Royalty volume |
|
0.543 |
|
|
0.406 |
|
|
33.7 |
% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1) |
|
— |
|
|
(0.001 |
) |
|
N/M |
|
Total EMEA&APAC Brand Volume |
|
10.053 |
|
|
9.862 |
|
|
1.9 |
% |
|
|
|
|
|
|
|
|||
Consolidated |
|
June 30, 2024 |
|
June 30, 2023 |
|
Change |
|||
Financial Volume |
|
40.404 |
|
|
40.391 |
|
|
— |
% |
Contract brewing and wholesale/factored volume |
|
(2.391 |
) |
|
(3.445 |
) |
|
(30.6 |
)% |
Royalty volume |
|
1.712 |
|
|
1.669 |
|
|
2.6 |
% |
Sales-To-Wholesaler to Sales-To-Retail adjustment and other |
|
(1.111 |
) |
|
0.388 |
|
|
N/M |
|
Total Worldwide Brand Volume |
|
38.614 |
|
|
39.003 |
|
|
(1.0 |
)% |
|
|
|
|
|
|
|
N/M = Not meaningful
(1) |
Includes gross inter-segment volumes which are eliminated in the consolidated totals. |
Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographical markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Contract brewing and wholesale/factored volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Factored volume in our EMEA&APAC segment is the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel, which is a common arrangement in the
We also utilize COGS per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. This metric is calculated as COGS per our unaudited condensed consolidated statements of operations divided by financial volume for the respective period. We believe this metric is important and useful for investors and management because it provides an indication of the trends of sales mix and other cost impacts on our COGS.
NON-GAAP MEASURES AND RECONCILIATIONS
Use of Non-GAAP Measures
In addition to financial measures presented on the basis of accounting principles generally accepted in the
Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance.
-
Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) – Measure of the Company’s or segment's income (loss) before income taxes excluding the impact of certain non-GAAP adjustment items from our
U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, restructuring and integration related costs, unrealized mark-to-market gains and losses, potential or incurred losses related to certain litigation accruals and settlements and gains and losses on sales of non-operating assets, among other items included in ourU.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company.
-
Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include the impact of unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility.
We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period.
- Underlying MG&A (Closest GAAP Metric: MG&A) – Measure of the Company’s MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above).
- Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of non-GAAP adjustment items (as defined above), the related tax effects of non-GAAP adjustment items and certain other discrete tax items.
- Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding.
- Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company’s effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items.
- Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment, net and excluding the pre-tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure.
- Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company’s depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company’s strategic exit or restructuring activities.
- Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company’s leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization, and the impact of non-GAAP adjustment items (as defined above). This measure is not the same as the Company’s maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA.
-
Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the
U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results inU.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results.
Our guidance for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our
RECONCILIATION TO NEAREST |
|||||||||||||||
Reconciliation by Line Item |
|||||||||||||||
(In millions, except per share data) (Unaudited) |
For the Three Months Ended June 30, 2024 |
||||||||||||||
|
Cost of goods
|
Marketing,
|
Income (loss)
|
Net income
|
Diluted
|
||||||||||
Reported ( |
$ |
(1,922.4 |
) |
$ |
(728.5 |
) |
$ |
559.9 |
|
$ |
427.0 |
|
$ |
2.03 |
|
Adjustments to arrive at underlying |
|
|
|
|
|
||||||||||
Restructuring |
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.2 |
) |
|
— |
|
(Gains) losses on other disposals |
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
— |
|
Unrealized mark-to-market (gains) losses |
|
(28.8 |
) |
|
— |
|
|
(28.8 |
) |
|
(28.8 |
) |
|
(0.14 |
) |
Other items |
|
— |
|
|
0.4 |
|
|
0.2 |
|
|
0.2 |
|
|
— |
|
Total |
$ |
(28.8 |
) |
$ |
0.4 |
|
$ |
(28.7 |
) |
$ |
(28.7 |
) |
$ |
(0.14 |
) |
Tax effects on non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
6.6 |
|
|
0.03 |
|
Discrete tax items |
|
— |
|
|
— |
|
|
— |
|
|
(0.7 |
) |
|
— |
|
Underlying (Non-GAAP) |
$ |
(1,951.2 |
) |
$ |
(728.1 |
) |
$ |
531.2 |
|
$ |
404.2 |
|
$ |
1.92 |
|
|
|
|
|
|
|
||||||||||
(In millions, except per share data) (Unaudited) |
For the Three Months Ended June 30, 2023 |
||||||||||||||
|
Cost of goods
|
Marketing,
|
Income (loss)
|
Net income
|
Diluted
|
||||||||||
Reported ( |
$ |
(2,047.7 |
) |
$ |
(734.9 |
) |
$ |
441.1 |
|
$ |
342.4 |
|
$ |
1.57 |
|
Adjustments to arrive at underlying |
|
|
|
|
|
||||||||||
Restructuring |
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.2 |
) |
|
— |
|
Unrealized mark-to-market (gains) losses |
|
62.7 |
|
|
— |
|
|
60.8 |
|
|
60.8 |
|
|
0.28 |
|
Other items |
|
— |
|
|
0.7 |
|
|
0.5 |
|
|
0.5 |
|
|
— |
|
Total |
$ |
62.7 |
|
$ |
0.7 |
|
$ |
61.1 |
|
$ |
61.1 |
|
$ |
0.28 |
|
Tax effects on non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
(15.5 |
) |
|
(0.07 |
) |
Discrete tax items |
|
— |
|
|
— |
|
|
— |
|
|
(0.8 |
) |
|
— |
|
Underlying (Non-GAAP) |
$ |
(1,985.0 |
) |
$ |
(734.2 |
) |
$ |
502.2 |
|
$ |
387.2 |
|
$ |
1.78 |
|
|
|
|
|
|
|
||||||||||
(In millions, except per share data) (Unaudited) |
For the Six Months Ended June 30, 2024 |
||||||||||||||
|
Cost of goods
|
Marketing,
|
Income (loss)
|
Net income
|
Diluted
|
||||||||||
Reported ( |
$ |
(3,555.3 |
) |
$ |
(1,383.1 |
) |
$ |
825.3 |
|
$ |
634.8 |
|
$ |
2.99 |
|
Adjustments to arrive at underlying |
|
|
|
|
|
||||||||||
Restructuring |
|
— |
|
|
— |
|
|
(1.1 |
) |
|
(1.1 |
) |
|
(0.01 |
) |
(Gains) losses on other disposals |
|
— |
|
|
— |
|
|
(5.3 |
) |
|
(5.3 |
) |
|
(0.02 |
) |
Unrealized mark-to-market (gains) losses |
|
(29.6 |
) |
|
— |
|
|
(29.6 |
) |
|
(29.6 |
) |
|
(0.14 |
) |
Other items |
|
— |
|
|
0.9 |
|
|
0.7 |
|
|
0.7 |
|
|
— |
|
Total |
$ |
(29.6 |
) |
$ |
0.9 |
|
$ |
(35.3 |
) |
$ |
(35.3 |
) |
$ |
(0.17 |
) |
Tax effects on non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
8.2 |
|
|
0.04 |
|
Discrete tax items |
|
— |
|
|
— |
|
|
— |
|
|
(0.7 |
) |
|
— |
|
Underlying (Non-GAAP) |
$ |
(3,584.9 |
) |
$ |
(1,382.2 |
) |
$ |
790.0 |
|
$ |
607.0 |
|
$ |
2.86 |
|
|
|
|
|
|
|
||||||||||
In millions, except per share data) (Unaudited) |
For the Six Months Ended June 30, 2023 |
||||||||||||||
|
Cost of goods
|
Marketing,
|
Income (loss)
|
Net income
|
Diluted
|
||||||||||
Reported ( |
$ |
(3,623.3 |
) |
$ |
(1,349.9 |
) |
$ |
543.0 |
|
$ |
414.9 |
|
$ |
1.91 |
|
Adjustments to arrive at underlying |
|
|
|
|
|
||||||||||
Restructuring |
|
— |
|
|
— |
|
|
0.3 |
|
|
0.3 |
|
|
— |
|
Unrealized mark-to-market (gains) losses |
|
114.5 |
|
|
— |
|
|
112.6 |
|
|
112.6 |
|
|
0.52 |
|
Other items |
|
— |
|
|
4.3 |
|
|
4.1 |
|
|
4.1 |
|
|
0.02 |
|
Total |
$ |
114.5 |
|
$ |
4.3 |
|
$ |
117.0 |
|
$ |
117.0 |
|
$ |
0.54 |
|
Tax effects on non-GAAP adjustments |
|
— |
|
|
— |
|
|
— |
|
|
(27.6 |
) |
|
(0.13 |
) |
Discrete tax Items |
|
— |
|
|
— |
|
|
— |
|
|
(0.8 |
) |
|
— |
|
Underlying (Non-GAAP) |
$ |
(3,508.8 |
) |
$ |
(1,345.6 |
) |
$ |
660.0 |
|
$ |
503.5 |
|
$ |
2.31 |
|
|
|
|
|
|
|
||||||||||
Reconciliation to Underlying Income (Loss) Before Income Taxes by Segment |
|||||||||||||||
(In millions) (Unaudited) |
For the Three Months Ended June 30, 2024 |
||||||||||||||
|
|
|
EMEA&APAC |
|
Unallocated |
|
Consolidated |
||||||||
Income (loss) before income taxes |
$ |
487.1 |
|
|
$ |
81.2 |
|
|
$ |
(8.4 |
) |
|
$ |
559.9 |
|
Add/Less: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold(1) |
|
— |
|
|
|
— |
|
|
|
(28.8 |
) |
|
|
(28.8 |
) |
Marketing, general & administrative |
|
0.5 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.4 |
|
Other non-GAAP adjustment items |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Total non-GAAP adjustment items |
$ |
0.3 |
|
|
$ |
(0.2 |
) |
|
$ |
(28.8 |
) |
|
$ |
(28.7 |
) |
Underlying income (loss) before income taxes |
$ |
487.4 |
|
|
$ |
81.0 |
|
|
$ |
(37.2 |
) |
|
$ |
531.2 |
|
|
|
|
|
|
|
|
|
||||||||
In millions) (Unaudited) |
For the Three Months Ended June 30, 2023 |
||||||||||||||
|
|
|
EMEA&APAC |
|
Unallocated |
|
Consolidated |
||||||||
Income (loss) before income taxes |
$ |
487.3 |
|
|
$ |
64.2 |
|
|
$ |
(110.4 |
) |
|
$ |
441.1 |
|
Add/Less: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold(1) |
|
— |
|
|
|
— |
|
|
|
62.7 |
|
|
|
62.7 |
|
Marketing, general & administrative |
|
0.5 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.7 |
|
Other non-GAAP adjustment items |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
(1.9 |
) |
|
|
(2.3 |
) |
Total non-GAAP adjustment items |
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
60.8 |
|
|
$ |
61.1 |
|
Underlying income (loss) before income taxes |
$ |
487.6 |
|
|
$ |
64.2 |
|
|
$ |
(49.6 |
) |
|
$ |
502.2 |
|
|
|
|
|
|
|
|
|
||||||||
(In millions) (Unaudited) |
For the Six Months Ended June 30, 2024 |
||||||||||||||
|
|
|
EMEA&APAC |
|
Unallocated |
|
Consolidated |
||||||||
Income (loss) before income taxes |
$ |
807.7 |
|
|
$ |
70.2 |
|
|
$ |
(52.6 |
) |
|
$ |
825.3 |
|
Add/Less: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold(1) |
|
— |
|
|
|
— |
|
|
|
(29.6 |
) |
|
|
(29.6 |
) |
Marketing, general & administrative |
|
1.0 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.9 |
|
Other non-GAAP adjustment items |
|
(0.2 |
) |
|
|
(6.4 |
) |
|
|
— |
|
|
|
(6.6 |
) |
Total non-GAAP adjustment items |
$ |
0.8 |
|
|
$ |
(6.5 |
) |
|
$ |
(29.6 |
) |
|
$ |
(35.3 |
) |
Underlying income (loss) before income taxes |
$ |
808.5 |
|
|
$ |
63.7 |
|
|
$ |
(82.2 |
) |
|
$ |
790.0 |
|
|
|
|
|
|
|
|
|
||||||||
(In millions) (Unaudited) |
For the Six Months Ended June 30, 2023 |
||||||||||||||
|
|
|
EMEA&APAC |
|
Unallocated |
|
Consolidated |
||||||||
Income (loss) before income taxes |
$ |
720.7 |
|
|
$ |
38.8 |
|
|
$ |
(216.5 |
) |
|
$ |
543.0 |
|
Add/Less: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold(1) |
|
— |
|
|
|
— |
|
|
|
114.5 |
|
|
|
114.5 |
|
Marketing, general & administrative |
|
1.0 |
|
|
|
3.3 |
|
|
|
— |
|
|
|
4.3 |
|
Other non-GAAP adjustment items |
|
(0.2 |
) |
|
|
0.3 |
|
|
|
(1.9 |
) |
|
|
(1.8 |
) |
Total non-GAAP adjustment items |
$ |
0.8 |
|
|
$ |
3.6 |
|
|
$ |
112.6 |
|
|
$ |
117.0 |
|
Underlying income (loss) before income taxes |
$ |
721.5 |
|
|
$ |
42.4 |
|
|
$ |
(103.9 |
) |
|
$ |
660.0 |
|
|
|
|
|
|
|
|
|
(1) |
Reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. |
Underlying Free Cash Flow | |||||||
(In millions) (Unaudited) |
For the Six Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
|
$ |
894.6 |
|
|
$ |
894.4 |
|
Add/Less: |
|
|
|
||||
Additions to property, plant and equipment, net(1) |
|
(392.2 |
) |
|
|
(335.1 |
) |
Cash impact of non-GAAP adjustment items(2) |
|
2.6 |
|
|
|
10.4 |
|
Non-GAAP Underlying Free Cash Flow |
$ |
505.0 |
|
|
$ |
569.7 |
|
|
|
|
|
(1) |
Included in net cash provided by (used in) investing activities. |
|
(2) |
Included in net cash provided by (used in) operating activities and primarily reflects costs paid for restructuring activities for the six months ended June 30, 2024 and June 30, 2023. |
Net Debt and Net Debt to Underlying EBITDA Ratio | |||||||
(In millions except net debt to underlying EBITDA ratio) (Unaudited) |
As of |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
|
$ |
894.2 |
|
$ |
423.2 |
||
Add/Less: |
|
|
|
||||
Long-term debt |
|
6,161.5 |
|
|
|
6,191.9 |
|
Cash and cash equivalents |
|
1,647.3 |
|
|
|
960.9 |
|
Net debt |
|
5,408.4 |
|
|
$ |
5,654.2 |
|
Q2 Underlying EBITDA |
|
750.1 |
|
|
|
725.2 |
|
Q1 Underlying EBITDA |
|
476.2 |
|
|
|
388.4 |
|
Q4 Underlying EBITDA |
|
566.1 |
|
|
|
555.5 |
|
Q3 Underlying EBITDA |
|
742.9 |
|
|
|
593.5 |
|
Non-GAAP Underlying EBITDA(1) |
$ |
2,535.3 |
|
|
$ |
2,262.6 |
|
Net debt to underlying EBITDA ratio |
|
2.13 |
|
|
|
2.50 |
|
|
|
|
|
(1) |
Represents underlying EBITDA on a trailing twelve month basis. |
Underlying EBITDA Reconciliation | |||||||
(In millions) (Unaudited) |
For the Three Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
|
|
425.3 |
|
|
|
346.1 |
|
Add/Less: |
|
|
|
||||
Interest expense (income), net |
|
51.2 |
|
|
|
54.6 |
|
Income tax expense (benefit) |
|
134.6 |
|
|
|
95.0 |
|
Depreciation and amortization |
|
167.7 |
|
|
|
168.4 |
|
Adjustments included in underlying income(1) |
|
(28.7 |
) |
|
|
61.1 |
|
Non-GAAP Underlying EBITDA |
$ |
750.1 |
|
|
$ |
725.2 |
|
|
|
|
|
(1) |
Includes adjustments to income (loss) before income taxes related to non-GAAP adjustment items. See Reconciliations to Nearest |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806604516/en/
Investor Relations
Traci Mangini, (415) 308-0151
News Media
Rachel Dickens, (314) 452-9673
Source: Molson Coors Beverage Company
FAQ
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