Our net sales per hectoliter performance discussions are presented on a brand volume ("BV") basis, which reflects owned or actively managed brand volume, along with royalty volume, in the denominator, as well as the financial impact of these sales (in constant currency) in the numerator, unless otherwise indicated. Percent change versus comparable prior year periodįor the Nine Months Ended September 30, 2022 See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.įor the Three Months Ended September 30, 2022 Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. Underlying income (loss) before income taxes (1) ($ in millions, except per share data) (Unaudited) Looking ahead, we remain committed to continuing to invest in the business and staying the course toward our goal of long-term, sustainable top and bottom-line growth."ĬONSOLIDATED PERFORMANCE - THIRD QUARTER 2022 As a result, we are reaffirming our key financial guidance for 2022 but expect underlying constant currency based income before taxes growth to be at the lower end of our high-single digit range. While we are proud of our ability to navigate the cost environment, global inflationary pressures continue to be a headwind. “We delivered another quarter of top-line and underlying bottom-line growth on a constant currency basis, while continuing to invest in our business, reduce net debt and return cash to shareholders. Tracey Joubert, Chief Financial Officer Statement: Between the strength of our portfolio and the pillars of our Revitalization Plan at work, we have made significant strides in turning around our business and we believe we are well positioned for the road ahead." What's more, our ability to generate sustained top-line growth translated into strong industry share performance across every one of our major markets globally. Our net sales revenue grew for the sixth consecutive quarter, and through the third quarter of this year, our global net sales revenue outpaced 2019 levels in constant currency. “We are proud of our top-line performance in the quarter. Gavin Hattersley, President and Chief Executive Officer Statement: In the U.K., Madri has rapidly risen to Molson Coors' number three brand in the market. In the U.S., Simply Spiked Lemonade was the fastest growing new flavored alcohol beverage in the country in the third quarter. Molson Coors' global portfolio also continued to benefit from premiumization. In the U.K., Carling widened its lead as the country's number one beer, and in Canada, Molson Canadian continued to grow net sales revenue. In the U.S., the Company's core brands continued to strengthen in the third quarter, with Coors Light, Miller Lite and Coors Banquet combining to grow over a full share point of the Premium beer category and Miller Lite and Coors Banquet growing brand volume. Molson Coors continued to deliver against its Revitalization Plan. The Company also gained share in the U.K. In the U.S., Molson Coors earned the second highest overall dollar share gains across the beer industry. Our top-line results are reflected across industry share in the Company's largest global markets. In the third quarter of 2022, Molson Coors delivered, on a constant currency basis, another quarter of top-line and underlying bottom-line growth driven by strong global net pricing and mix benefits from premiumization, while navigating the challenging global inflationary environment. Non-GAAP diluted earnings per share ("EPS") of $1.32 declined $0.43 per share. GAAP net income attributable to MCBC of $216.4 million, $0.99 per share on a diluted basis. Underlying (Non-GAAP) income before income taxes of $364.6 million declined 5.0%, but improved 0.5% in constant currency. GAAP income before income taxes of $273.0 million declined 43.2% reported and 38.8% in constant currency. Net sales per hectoliter on a brand volume basis increased 9.2% in constant currency, primarily due to positive net pricing and favorable sales mix resulting from portfolio premiumization. Net sales increased 4.0% reported and 7.9% in constant currency, primarily due to positive net pricing and favorable sales mix. Molson Coors Beverage Company ("MCBC") (NYSE: TAP, TAP.A TSX: TPX.A, TPX.B) today reported results for the 2022 third quarter. Molson Coors Delivers Sixth Consecutive Quarter of Top-Line Growth on a Constant Currency BasisĬontinues to Navigate Global Inflationary Pressures While Delivering on its Revitalization PlanĬompany Reaffirms 2022 Guidance for Top and Bottom-Line Growth
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