TAP has been making efforts to shape up its product portfolio and expand in growth areas. Its U.S. abovepremium portfolio witnessed sales that outpaced its U.S. economy portfolio, driven by the rapid growth of its hard seltzers, and the continued strength in Blue Moon and Peroni's. Additionally, the company is well-placed, driven by the progress of its revitalization plan. The plan is focused on achieving sustainable top-line growth by streamlining the organization and reinvesting resources into its brands ...

Molson Coors Beverage Company (TAP) seems well-poised for growth, thanks to its robust business strategies. The company has been gaining from brand strength as well as strong performances across its portfolio and both geographical segments. Smooth progress on its Acceleration Plan also bodes well. Buoyed by such strengths, shares of this beer and other beverage products' manufacturer have gained 9.7% compared with the industry's 6.3% growth over the past year. To wrap up, Molson Coors seems to be a decent i ...

Financial Data and Key Metrics Changes - The company reported a net sales revenue growth of 10.1% driven by strong Americas' volume and favorable net pricing across both business units [47][76] - Underlying pre-tax income increased by nearly 69% in the first quarter, indicating significant margin improvement [49][64] - Financial volume in the US increased by 7.6%, despite a headwind of approximately 3% related to the exit of low-margin contract brewing volume [48][67] Business Line Data and Key Metrics Changes - Core brands showed strong performance with double-digit brand volume growth for Coors Light and Coors Banquet, and high-single-digit growth for Miller Lite in the US [51][54] - Simply Spiked grew US brand volume by nearly 35% in the quarter, indicating strong consumer demand for new products [43][76] - Blue Moon non-alc became the top-selling new non-alc beer of 2024, reflecting a positive trend in the non-alcoholic segment [42][76] Market Data and Key Metrics Changes - In Canada, Coors Light gained nearly a full share point of the industry year-to-date, supported by a new marketing campaign [39][56] - The UK market faced challenges due to a large excise tax increase, impacting off-premise sales [19][66] - Brand volume in EMEA and APAC increased by 1.9%, driven by growth in Central and Eastern Europe as inflation pressures eased [66] Company Strategy and Development Direction - The company is focused on growing the revenue of core brands and expanding its above-premium portfolio, including brands like Madri and Simply [25][84] - A significant investment of $100 million is planned for UK operations over the next five years to enhance production capabilities [63][76] - The company aims to maintain its marketing spend to support core brands and innovations, particularly during peak seasons [86][140] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding current industry trends, noting that the US beer category has been challenged so far this year [37][128] - The company remains confident in achieving its guidance for the year, despite the softer industry data observed in early April [79][106] - Management highlighted that the first two weeks of April were particularly challenging, but there was some improvement in the third week [90][114] Other Important Information - The company has raised its quarterly dividend by 7% and is actively executing a $2 billion share repurchase program [71][157] - The company built more inventory than usual in the first quarter due to elevated consumer demand and contingency plans related to a strike [65][137] Q&A Session All Questions and Answers Question: Were shipments ahead of expectations in Q1? - Management confirmed that shipments were better than expected due to a contingency plan that worked better than originally anticipated [10][89] Question: What is the outlook for the US beer category volume? - Management indicated that they do not foresee a large expansion in the beer category space but expect changes within it, particularly in premium light space [141][142] Question: How does the company view the softness in the category? - Management believes that the weaknesses observed in early April may be transitory and not indicative of long-term trends [142][143] Question: What is the impact of shelf space gains on future performance? - Management stated that increased shelf space is expected to translate into positive outcomes for brand volume [119][150]

Molson Coors Beverage Company (TAP) has posted impressive first-quarter 2024 results, wherein both bottom and top lines surpassed the Zacks Consensus Estimate. Also, both metrics improved year over year. The quarterly results have gained from brand strength and favorable shipment timing in the United States.The quarterly performance highlights significant progress against the Acceleration Plan. The strength of core power brands leads to double-digit brand volume growth for Coors Light and Coors Banquet, and ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q1 2024 demonstrate significant profitability growth, with net sales increasing to $2.6 billion and net income surging, while maintaining a stable balance sheet and positive operating cash flow [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, the company reported a 10.7% increase in net sales to $2.60 billion, with substantial growth in gross profit and operating income, leading to a significant surge in net income and diluted EPS Q1 2024 vs. Q1 2023 Statement of Operations Highlights (in millions, except EPS) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Net sales** | $2,596.4 | $2,346.3 | +10.7% | | **Gross profit** | $963.5 | $770.7 | +25.0% | | **Operating income** | $314.3 | $158.2 | +98.7% | | **Net income attributable to MCBC** | $207.8 | $72.5 | +186.6% | | **Diluted EPS** | $0.97 | $0.33 | +193.9% | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets slightly decreased to $26.07 billion, primarily due to reduced cash, while total liabilities also decreased, and stockholders' equity remained relatively stable Balance Sheet Summary (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $458.4 | $868.9 | | Total current assets | $2,677.0 | $2,848.5 | | Goodwill | $5,321.3 | $5,325.3 | | Other intangibles, net | $12,472.3 | $12,614.6 | | **Total assets** | **$26,072.3** | **$26,375.1** | | Total current liabilities | $3,863.0 | $4,092.6 | | Long-term debt | $5,312.2 | $5,312.1 | | **Total liabilities** | **$12,714.1** | **$12,940.0** | | **Total MCBC stockholders' equity** | **$13,120.1** | **$13,196.0** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, net cash provided by operating activities increased to $25.4 million, while cash used in investing and financing activities rose due to higher capital expenditures, share repurchases, and dividend payments, resulting in a net decrease in cash Cash Flow Summary (in millions) | Cash Flow Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $25.4 | $3.4 | | Net cash used in investing activities | ($212.5) | ($177.4) | | Net cash used in financing activities | ($216.2) | ($102.5) | | **Net decrease in cash** | **($410.5)** | **($271.8)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and financial activities, including dividend declarations, share repurchases, goodwill impairment risk, debt levels, tax rates, and a significant legal contingency - The Board of Directors declared a dividend of **$0.44 per share**, paid on March 15, 2024[37](index=37&type=chunk) - Under a **$2.0 billion** share repurchase program, the company repurchased **1,760,115 shares** for an aggregate cost of **$111.2 million** in Q1 2024[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The Americas reporting unit's goodwill fair value exceeded its carrying value by slightly less than **15%** as of the last annual test, indicating a heightened risk of future impairment[56](index=56&type=chunk) - As of March 31, 2024, the company had an accrued liability of **$59.0 million** related to the Stone Brewing Company trademark infringement lawsuit[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong Q1 2024 performance to higher financial volumes, favorable pricing, and positive sales mix across both Americas and EMEA&APAC segments, while maintaining solid liquidity [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net sales rose 10.7% to $2.6 billion in Q1 2024, driven by increased financial volume and favorable price/mix, while improved cost of goods sold and higher marketing investments led to a 98.7% growth in operating income Drivers of Consolidated Net Sales Change (Q1 2024 vs. Q1 2023) | Component | Percentage Change | | :--- | :--- | | Financial Volume | +5.7% | | Price and Sales Mix | +4.4% | | Currency | +0.6% | | **Total Net Sales** | **+10.7%** | - Cost of goods sold per hectoliter improved **1.9%** due to favorable unrealized mark-to-market derivative positions, cost savings, and volume leverage, which offset cost inflation[118](index=118&type=chunk) - MG&A expenses increased by **6.4%** primarily due to increased marketing investment to support brands and innovations[119](index=119&type=chunk) [Segment Results of Operations](index=29&type=section&id=Segment%20Results%20of%20Operations) The Americas segment reported a 10.6% increase in net sales, driven by volume and price/mix, leading to a significant rise in pre-tax income, while the EMEA&APAC segment's net sales grew 10.9% due to price/mix and currency, improving its pre-tax loss Americas Segment Net Sales Drivers (Q1 2024 vs. Q1 2023) | Component | Percentage Change | | :--- | :--- | | Financial Volume | +7.5% | | Price and Sales Mix | +3.1% | | Currency | 0.0% | | **Total Net Sales** | **+10.6%** | - Americas financial volumes increased **7.5%**, driven by U.S. volume growth in core brands, reflecting continued shifts in consumer purchasing behavior and distributor inventory builds[127](index=127&type=chunk) EMEA&APAC Segment Net Sales Drivers (Q1 2024 vs. Q1 2023) | Component | Percentage Change | | :--- | :--- | | Financial Volume | (0.2)% | | Price and Sales Mix | +8.2% | | Currency | +2.9% | | **Total Net Sales** | **+10.9%** | - The EMEA&APAC segment's pre-tax loss improved by **$14.4 million (56.7%)** due to increased net pricing and favorable sales mix[134](index=134&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by positive cash from operations, with cash and equivalents ending at $458.4 million, while cash was primarily used for capital expenditures, share repurchases, and dividends, maintaining compliance with debt covenants and an undrawn $2.0 billion revolving credit facility - Net cash provided by operating activities increased to **$25.4 million** in Q1 2024 from **$3.4 million** in Q1 2023, primarily due to higher net income[143](index=143&type=chunk) - Cash used in financing activities increased to **$216.2 million**, driven by higher share repurchases (**$113.6 million**) and dividend payments (**$96.8 million**)[26](index=26&type=chunk)[145](index=145&type=chunk) - As of March 31, 2024, the company had **$2.0 billion** available under its revolving credit facility with no borrowings outstanding[150](index=150&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2024, including its maximum net debt to EBITDA leverage ratio of **4.00x**[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from changes in interest rates, foreign currency exchange rates, and commodity prices, with sensitivity analyses indicating potential negative impacts on fair values of related financial instruments under adverse hypothetical changes Market Risk Sensitivity Analysis (as of March 31, 2024) | Risk Type | Instrument | Notional Amount (millions) | Fair Value (millions) | Effect of Adverse Change (millions) | | :--- | :--- | :--- | :--- | :--- | | **Interest Rate** | Fixed Rate Notes | $6,132.5 | ($5,709.2) | ($398.3) (1% change) | | | Interest Rate Swaps | $1,000.0 | $62.6 | ($75.4) (1% change) | | **Foreign Exchange** | FX Denominated Notes | $1,232.5 | ($1,224.8) | ($119.9) (10% change) | | | FX Forwards | $233.7 | $2.4 | ($24.6) (10% change) | | **Commodity Price** | Commodity Swaps | $618.1 | ($29.4) | ($54.8) (10% change) | [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on management's evaluation, including the CEO and CFO, the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[178](index=178&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[179](index=179&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 10 of the financial statements for details on legal proceedings, including a significant accrued liability of $59.0 million for the Stone Brewing trademark case - For details on legal proceedings, the report refers to Note 10 of the Financial Statements[181](index=181&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There were no material changes to the risk factors previously disclosed in the company's Annual Report[181](index=181&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company repurchased 1.76 million shares of Class B common stock for approximately $111.2 million, with $1.74 billion remaining available under the current share repurchase program Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2024 | 447,856 | $62.53 | | February 2024 | 1,013,764 | $61.92 | | March 2024 | 298,495 | $65.71 | | **Total** | **1,760,115** | **$62.72** | - The share repurchase program, approved in September 2023, authorizes up to **$2.0 billion** in repurchases over five years, with approximately **$1.74 billion** remaining available as of March 31, 2024[182](index=182&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) On March 15, 2024, the company's Vice President and Controller, Roxanne M. Stelter, entered into a pre-arranged Rule 10b5-1 stock trading plan for potential share sales - The company's Vice President and Controller, Roxanne M. Stelter, entered into a Rule 10b5-1 sales plan on March 15, 2024[186](index=186&type=chunk)

For the quarter ended March 2024, Molson Coors Brewing (TAP) reported revenue of $2.6 billion, up 10.7% over the same period last year. EPS came in at $0.95, compared to $0.54 in the year-ago quarter.The reported revenue represents a surprise of +3.90% over the Zacks Consensus Estimate of $2.5 billion. With the consensus EPS estimate being $0.71, the EPS surprise was +33.80%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stree ...

Molson Coors Brewing (TAP) came out with quarterly earnings of $0.95 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 33.80%. A quarter ago, it was expected that this beer maker would post earnings of $1.12 per share when it actually produced earnings of $1.19, delivering a surprise of 6.25%.Over the last four quarters, the co ...

NEWS RELEASE Molson Coors Beverage Company Reports 2024 First Quarter Results Delivers First Quarter Top-Line Growth of 10.7% with Growth Across Both Business Units First Quarter Income Before Income Taxes Increases 160.5%, while Underlying Income Before Income Taxes Increases 68.8% on a Constant Currency Basis Reaffirms 2024 Full Year Guidance for Top-Line and Bottom-Line Growth Golden, Colorado and Montréal, Québec – April 30, 2024 – Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") ...

Molson Coors Beverage Company (TAP) is expected to register top and bottom-line growth when it reports first-quarter 2024 earnings on Apr 30, before market open. The Zacks Consensus Estimate for the company’s first-quarter revenues is pegged at $2.5 billion, suggesting 6.5% growth from the prior-year period’s reported figure.The consensus mark for earnings has moved up by a penny in the past 30 days to 71 cents per share, indicating a rise of 31.5% from the year-ago reported figure.In the last reported quar ...

Wall Street analysts forecast that Molson Coors Brewing (TAP) will report quarterly earnings of $0.71 per share in its upcoming release, pointing to a year-over-year increase of 31.5%. It is anticipated that revenues will amount to $2.5 billion, exhibiting an increase of 6.5% compared to the year-ago quarter.Over the last 30 days, there has been an upward revision of 0.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsidera ...