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Core Concept - The collaboration between Wrangler and Coors Banquet introduces the Wrangler x Coors Banquet Collection, celebrating the spirit of the West through a unique co-collection of apparel and accessories [1][2]. Product Details - The collection features over twenty unique pieces, including denim vests with Coors-branded embroidery, pullover sweaters, classic Wrangler 13MWZ Cowboy Cut Jeans with limited-edition copper hardware, and graphic t-shirts [3]. - The collection will be available starting August 21, 2025, through Wrangler stores, select western retailers, and online platforms [6]. Marketing and Promotion - The collaboration includes a national advertising campaign featuring hand-painted posters created by artist Caitlin Hatch, using a custom watercolor blend made with Coors Banquet beer [4]. - Wrangler and Coors Banquet will host a series of pop-up events called the Legends of the West Tour in cities like Dallas, Nashville, and Denver, allowing fans to experience the collection firsthand [5]. Brand Legacy - Wrangler has a 75-year legacy in authentic American style, rooted in the Western lifestyle, and is committed to superior quality and timeless design [7]. - Molson Coors Beverage Company has a long history of brewing beverages that unite people, with a diverse portfolio that includes iconic beer brands and modern flavored beverages [8][9].

Core Insights - Molson Coors Beverage has been recognized as a Top 25 dividend stock according to the latest Dividend Channel "DividendRank" report, highlighting its attractive valuation and strong profitability metrics [1][2] - The company has a solid quarterly dividend history and favorable long-term growth rates in key fundamental data points [1] Summary by Categories Dividend Performance - The annualized dividend paid by Molson Coors Beverage is $1.88 per share, distributed in quarterly installments [2] - The most recent dividend ex-date was on September 5, 2025 [2] - The report emphasizes the importance of studying a company's past dividend history to assess the likelihood of continued dividend payments [2] Valuation and Profitability - TAP shares exhibit both attractive valuation metrics and strong profitability metrics, making them appealing to dividend investors [1][2] - The DividendRank formula used in the report ranks stocks based on profitability and valuation criteria, aiming to identify the most interesting stocks for further research [2]

Core Viewpoint - Molson Coors Beverage reported strong non-GAAP earnings per share (EPS) of $2.05 for Q2 2025, exceeding analyst expectations, but faced challenges with declining net sales and volume trends, prompting a downward revision of its full-year outlook due to weaker industry demand and high input costs [1][11]. Financial Performance - Non-GAAP EPS for Q2 2025 was $2.05, surpassing the consensus estimate of $1.82, marking a year-over-year increase of 6.8% from $1.92 in Q2 2024 [2]. - Reported revenue (GAAP) reached $3,200.8 million, exceeding expectations by $113.1 million, but represented a 1.6% decline from $3,252.3 million in the prior year [2]. - The Americas segment revenue fell by 2.8% to $2,504.8 million, while the EMEA & APAC segment revenue increased by 3.0% to $703.9 million [2]. Strategic Focus - The company is pursuing a "premiumization" strategy, aiming for one-third of its global portfolio to consist of above-premium brands, while diversifying into ready-to-drink cocktails and non-alcoholic beverages [4]. - Investments in innovation and brand support are key components of the strategy to meet changing consumer demands [4][9]. Operational Insights - Consolidated financial volume decreased by 7.0%, with brand volume down 5.1%, despite the company beating profit expectations due to effective pricing and cost controls [5]. - Gross margin faced pressure with a 7.3% increase in cost of goods sold per hectoliter, attributed to inflation and lower production volumes [6]. Future Outlook - The company revised its FY2025 guidance, expecting a decline in net sales and underlying income before income taxes, forecasting a 3-4% decrease in constant currency net sales and a 12-15% decline in underlying income [11]. - Key watch points include industry volume stabilization, progress on premiumization goals, and maintaining pricing discipline amid elevated competition [12].

Core Viewpoint - Molson Coors has revised its financial outlook downward for the second time this year, attributing the decline to new aluminum tariffs that are increasing cost pressures on the beer industry [1][5]. Financial Outlook - The company expects net sales to decrease by 3% to 4% this year, a more significant drop than the previously forecasted 1% decline [1]. - Earnings before taxes are projected to fall by 12% to 15%, compared to earlier expectations of only minor decreases [2]. Impact of Tariffs - The increase in aluminum tariffs, which rose from 25% to 50%, has led to higher-than-expected indirect impacts on aluminum pricing, particularly affecting the Midwest Premium pricing for aluminum used in beer cans [3][12]. - The new tariffs apply broadly, affecting all suppliers, including traditional partners like Canada and Mexico [3]. Market Conditions - Beer sales are declining, with U.S. volumes dropping over 5% in the second quarter, as consumers shift towards alternatives like hard seltzers and craft cocktails [8]. - Total volumes in Western Hemisphere markets fell by 6.6% during the quarter, indicating widespread weakness in the beer category [9]. Competitive Landscape - The company is losing market share as competition intensifies, with European, Middle Eastern, African, and Asia-Pacific volumes declining nearly 8% [8]. - Bank of America has downgraded Molson Coors, citing structural headwinds in the beer industry and predicting a 4% decline in U.S. beer volumes this year [9]. Strategic Responses - Molson Coors is currently absorbing much of the increased aluminum costs rather than passing them on to consumers, which is impacting profit margins [6]. - The company is focusing on premium brands and forming partnerships, such as with Fever-Tree, to diversify its portfolio and offset mounting pressures [16].

Core Viewpoint - Molson Coors Beverage Company (TAP) reported second-quarter 2025 results with earnings per share exceeding expectations, while sales experienced a decline [1][2]. Financial Performance - Adjusted earnings per share increased by 6.8% year over year to $2.05, surpassing the Zacks Consensus Estimate of $1.83 [1]. - Net sales fell by 1.6% year over year to $3.2 billion, beating the Zacks Consensus Estimate of $3.1 billion [2]. - Gross profit decreased by 3.6% year over year to $1.28 billion, with a gross margin decline of 30 basis points to 34.3% [7]. Volume and Sales Mix - Financial volumes dropped by 7% year over year, attributed to lower shipments in the Americas and EMEA&APAC segments [5][6]. - Brand volumes fell by 5.1%, with a 4% decline in the Americas and a 7.8% decline in EMEA&APAC [5]. - The price and sales mix improved by 4.4% year over year, driven by premiumization and higher net pricing across key markets [6][11]. Segment Analysis - In the Americas, net sales decreased by 2.8% year over year to $2.5 billion, influenced by lower financial volumes but offset by a favorable price and sales mix [9]. - EMEA&APAC segment net sales rose by 3% year over year to $703.9 million, benefiting from a favorable price and sales mix despite lower financial volumes [12]. Future Outlook - The company revised its 2025 guidance, projecting a sales decline of 3-4% on a constant-currency basis and a 7-10% decline in underlying EPS [16][17]. - Underlying EBT is expected to decline by 12-15% year over year at constant currency [18]. - Capital expenditure is estimated at $650 million for 2025, with an expected underlying free cash flow of $1.3 billion [19].

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Core Insights - Molson Coors Brewing reported $3.2 billion in revenue for Q2 2025, a year-over-year decline of 1.6%, but exceeded the Zacks Consensus Estimate of $3.12 billion by 2.61% [1] - The company achieved an EPS of $2.05, up from $1.92 a year ago, surpassing the consensus EPS estimate of $1.83 by 12.02% [1] Financial Performance - Brand Volume - Consolidated: 20.61 million, slightly below the estimated 20.68 million [4] - Brand Volumes - Americas: 15.04 million, exceeding the average estimate of 14.78 million [4] - Brand Volumes - EMEA&APAC: 5.57 million, close to the average estimate of 5.6 million [4] - Net Sales - Americas: $2.5 billion, above the average estimate of $2.42 billion, representing a year-over-year decline of 2.8% [4] - Net Sales - Unallocated & Eliminations: -$7.9 million, worse than the average estimate of -$6.27 million, but showing a year-over-year improvement of 14.5% [4] - Net Sales - EMEA&APAC: $703.9 million, exceeding the estimated $686.59 million, with a year-over-year increase of 3% [4] Market Performance - Molson Coors shares returned -0.8% over the past month, underperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - The company is reducing its top and bottom line guidance for 2025, now expecting net sales revenue to decline by 3% to 4% on a constant currency basis, compared to a previous low single-digit decline [11] - Underlying pretax income is now expected to decline by 12% to 15% on a constant currency basis, a significant change from the previous low single-digit decline [12] - Underlying earnings per share are anticipated to decline by 7% to 10%, contrasting with earlier expectations of low single-digit growth [12] - The company reaffirms its underlying free cash flow guidance of $1,300 million plus or minus 10% [36] Business Line Data and Key Metrics Changes - Core power brands, including Coors Light, Miller Lite, and Coors Banquet, maintained a 15.2% volume share of the industry for the first half of the year, up from 13.4% three years ago [15] - Banquet has shown strong performance with over 15% distribution growth in the first half of the year [16] - The company is experiencing a shift to value-seeking behaviors in the U.S., focusing on pack size rather than brand loyalty [18] Market Data and Key Metrics Changes - The U.S. beer industry is down approximately 5% year-to-date, which is worse than previously expected [9] - The Midwest premium pricing has increased by over 180% since January, significantly impacting costs [10] - In Canada, the Molson family of brands gained volume share despite a challenging industry backdrop [17] Company Strategy and Development Direction - The company continues to focus on premiumization in both beer and beyond beer categories, despite current market pressures [18] - The strategy includes leveraging capabilities and partnerships to support profitable growth and maintaining the health of core brands [24] - The company is committed to executing its share repurchase program and has repurchased 9.4% of its outstanding shares [25] Management's Comments on Operating Environment and Future Outlook - Management views the current softness in industry performance as cyclical, driven by macroeconomic factors [13] - Consumer sentiment in the U.S. remains low, particularly affecting lower-income and Hispanic consumers [6][7] - Management believes that consumer confidence will eventually improve, although the timing is uncertain [42] Other Important Information - The company has raised its quarterly dividend each year since 2021 and continues to execute its share repurchase plan [25] - The integration of Fever Tree is progressing well, and it is expected to contribute positively to brand mix in the Americas [23] Q&A Session Questions and Answers Question: Can you unpack the updated guidance and the profit headwinds, specifically regarding aluminum and the Midwest premium? - Management indicated that the industry did not improve as expected, and the dramatic increase in the Midwest premium significantly impacted Q2 and future assumptions [39][40] Question: Have you seen any increases from the Midwest premium in Q2, or is that expected in the back half of the year? - Management confirmed that the Midwest premium increased unexpectedly, with an anticipated impact of $20 million to $35 million for the remainder of the year [58] Question: What is the company's confidence level regarding the cyclical nature of the current industry decline? - Management maintains that the current decline is cyclical and believes consumer confidence will eventually recover [42][56] Question: How is the company addressing the competitive environment and potential changes in marketing strategies? - Management is focusing on driving brand campaigns and leveraging partnerships to improve market share, particularly in the on-premise channel [96] Question: Can you provide insights on the volume deleverage impact for the second half of the year? - Management expects to reverse a volume deleverage of approximately 300,000 hectoliters in the second half, mainly in Q3 [103]

Financial Data and Key Metrics Changes - The company is reducing its top and bottom line guidance for 2025, now expecting net sales revenue to decline by 3% to 4% on a constant currency basis, compared to a previous low single-digit decline expectation [10][12] - Underlying pretax income is now expected to decline by 12% to 15% on a constant currency basis, a significant change from the previous low single-digit decline forecast [12] - Underlying earnings per share are anticipated to decline by 7% to 10%, contrasting with earlier expectations of low single-digit growth [12] Business Line Data and Key Metrics Changes - The U.S. beer industry is experiencing a decline of approximately 5% in the second quarter, which is worse than previously expected [8][10] - Core power brands, including Coors Light, Miller Lite, and Coors Banquet, have retained a 15.2% volume share of the industry for the first half of the year, up from 13.4% three years ago [15] - Banquet has shown strong performance, gaining over 15% distribution in the first half of the year and being a top five volume share growth brand [16] Market Data and Key Metrics Changes - Consumer sentiment in the U.S. remains low, particularly affecting lower-income and Hispanic consumers, leading to reduced consumption trends [5][6] - In Canada, the Molson family of brands has posted volume share gains despite a challenging industry backdrop [17] - The UK market remains highly competitive, with brands like Carling and Ajusco maintaining segment leadership despite regional softness [17] Company Strategy and Development Direction - The company is focusing on premiumization across its portfolio, with plans to develop both beer and beyond beer products [18][20] - The strategy includes leveraging capabilities and partnerships to support profitable growth, particularly in the U.S. market [14] - The company aims to maintain the health of its core power brands while navigating macroeconomic pressures [25] Management's Comments on Operating Environment and Future Outlook - Management views the current softness in industry performance as cyclical, driven by macroeconomic factors, and expects consumer confidence to eventually improve [13][44] - The company is committed to protecting and growing its underlying free cash flow while making prudent capital allocation decisions [37] - Management acknowledges the challenges posed by the Midwest premium pricing, which has increased significantly, impacting cost structures [9][12] Other Important Information - The company has executed a share repurchase program, repurchasing 9.4% of its outstanding shares since its announcement in October 2023 [27] - The company has raised its quarterly dividend each year since 2021, reflecting confidence in its financial health [27] Q&A Session Summary Question: Can you unpack the updated guidance and profit headwinds? - Management indicated that the industry did not improve as expected, with a significant increase in the Midwest premium impacting guidance negatively [40][41] Question: What is the impact of Midwest Premium increases? - The company expects an incremental impact of $20 million to $35 million from the Midwest premium for the balance of the year, with a full-year impact of $40 million to $55 million [55] Question: Are there signs of improvement in consumer confidence? - Management noted that overall consumer confidence has not improved, with value-conscious behaviors continuing among consumers [61][62] Question: How is the company addressing competitive pressures? - The company is focusing on marketing strategies for key brands and leveraging partnerships to enhance market presence [91] Question: What are the drivers of margin contraction? - Management highlighted that volume deleverage, higher COGS due to premiumization, and Midwest premium costs are significant factors affecting margins [75]