Financial Performance - Net sales for Q1 2025 were $2,304.1 million, a decrease of 11.3% from $2,596.4 million in Q1 2024[19] - Gross profit for Q1 2025 was $850.9 million, down 11.7% from $963.5 million in Q1 2024[19] - Net income attributable to Molson Coors Beverage Company for Q1 2025 was $121.0 million, a decline of 41.8% compared to $207.8 million in Q1 2024[19] - Basic earnings per share for Q1 2025 were $0.60, down from $0.98 in Q1 2024, representing a decrease of 38.8%[19] - Consolidated net sales for the three months ended March 31, 2025, were $2,304.1 million, compared to $2,596.4 million for the same period in 2024[102] - The company reported a net income attributable to MCBC of $121.0 million for the three months ended March 31, 2025[102] - Operating income decreased by 40.7% to $186.3 million for the three months ended March 31, 2025, compared to $314.3 million in the prior year[114] - The Americas segment net sales decreased by 12.3% to $1,881.8 million for the three months ended March 31, 2025, compared to $2,145.4 million in the prior year[132] Cash Flow and Liquidity - Net cash used in operating activities for Q1 2025 was $(90.7) million, compared to $25.4 million in Q1 2024[25] - Net cash used in investing activities for Q1 2025 was $(341.3) million, an increase from $(212.5) million in Q1 2024[25] - As of March 31, 2025, the company had total cash and cash equivalents of $412.7 million, a decrease from $969.3 million as of December 31, 2024[153] - The company reported a net positive cash position of $31.1 million from bank overdrafts and cash as of March 31, 2025, down from $46.0 million as of December 31, 2024[73] - Total current assets decreased to $1,601.7 million from $1,859.8 million as of December 31, 2024, indicating a reduction in liquidity[174] Assets and Liabilities - Total assets as of March 31, 2025, were $25,930.5 million, a slight decrease from $26,064.3 million as of December 31, 2024[23] - Total current liabilities decreased to $2,505.3 million from $2,673.9 million, indicating improved short-term financial health[174] - Long-term debt as of March 31, 2025, was $6,154.6 million, an increase from $6,113.9 million as of December 31, 2024, reflecting a growth of 0.67%[72] - The total balance of equity method investments decreased from $108.9 million as of December 31, 2024, to $94.0 million as of March 31, 2025[55] Investments and Capital Expenditures - The company made an investment of $88.1 million in Fevertree Drinks plc, aligning with its strategy to expand beyond the beer aisle[48] - The company incurred $175.3 million in capital expenditures for the Americas segment during the three months ended March 31, 2025[103] - Capital expenditures for the three months ended March 31, 2025, were $130.6 million, a decrease of $13.3 million compared to $143.9 million in the same period of 2024[175] Shareholder Returns - Dividends paid in Q1 2025 were $99.2 million, slightly higher than $96.8 million in Q1 2024[25] - The company declared a dividend of $0.47 per share on February 12, 2025, compared to $0.44 per share declared during the same period in 2024[38] - The company repurchased a total of 1,036,630 shares of Class B common stock during the three months ended March 31, 2025, at an average price of $57.47 per share[191] - The Board approved a share repurchase program of up to $2.0 billion for Class B common stock, with an expected term of five years[191] Legal and Compliance - The company is involved in various legal proceedings and environmental litigation, which may affect future financial performance[176] - The company had an accrued contingent liability of $9.8 million related to litigation and environmental issues, down from $71.1 million as of December 31, 2024[89] - The company paid $60.6 million on January 29, 2025, to resolve a trademark infringement lawsuit filed by Stone Brewing Company[90] Market and Operational Insights - Financial volume decreased by 14.3% to 15.409 million hectoliters for the three months ended March 31, 2025, compared to 17.974 million hectoliters in the prior year[114] - The cost of goods sold for the Americas segment was $1,169.9 million for the three months ended March 31, 2025[102] - The company incurred incremental accelerated depreciation of $17.9 million during the three months ended March 31, 2025, related to the wind down or sale of certain U.S. craft businesses[111] - The company obtained exclusive rights to produce, market, and sell Fever-Tree products in the U.S. effective February 1, 2025, aligning with its strategy to expand beyond the beer aisle[110]
Molson Coors(TAP_A) - 2025 Q1 - Quarterly Report