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Mar 31, 2023
Molson Coors Q1 2023 Earnings Report
Molson Coors delivered top-line growth across all business units and underlying income before income taxes increased on a constant currency basis.
Key Takeaways
Molson Coors reported a net sales increase of 5.9% and an underlying income before income taxes increase of 83% on a constant currency basis for the first quarter of 2023. The company reaffirmed its full-year 2023 guidance, expecting continued growth while navigating global inflationary pressures.
Net sales increased 5.9% reported and 8.2% in constant currency, primarily due to positive net pricing and favorable sales mix.
U.S. GAAP income before income taxes declined 41.3% reported and 45.3% in constant currency.
Underlying income before income taxes improved 82.8% in constant currency.
Underlying diluted EPS of $0.54 per share increased 86.2%.
Revenue by Segment
Forward Guidance
Molson Coors expects to achieve key financial targets for full year 2023, but inherent uncertainties still exist with beer industry softness and the impacts of continued global inflationary cost pressures.
Positive Outlook
- Net sales: low single-digit increase versus 2022 on a constant currency basis.
- Underlying income (loss) before income taxes: low single-digit increase compared to 2022 on a constant currency basis.
- Capital Expenditures: $700 million incurred, plus or minus 5%.
- Underlying free cash flow: $1.0 billion, plus or minus 10%.
- Underlying depreciation and amortization: $690 million, plus or minus 5%.
Challenges Ahead
- Inherent uncertainties exist with beer industry softness
- Impacts of continued global inflationary cost pressures
- Consolidated net interest expense: $240 million, plus or minus 5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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