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Jun 30, 2022
Molson Coors Q2 2022 Earnings Report
Molson Coors reported fifth consecutive quarter of top-line growth on a constant currency basis.
Key Takeaways
Molson Coors reported a decrease in net sales by 0.6% but an increase of 2.2% in constant currency. U.S. GAAP net income attributable to MCBC was $47.3 million, or $0.22 per share on a diluted basis. Non-GAAP diluted EPS was $1.19.
Net sales decreased 0.6% reported and increased 2.2% in constant currency.
U.S. GAAP net income attributable to MCBC of $47.3 million, $0.22 per share on a diluted basis.
Non-GAAP diluted earnings per share of $1.19.
Company reaffirms 2022 guidance for top and bottom-line growth.
Revenue by Segment
Forward Guidance
Molson Coors expects to achieve the targets for full year 2022, but the inherent uncertainties that exist in the macroeconomic environment, including continued significant cost inflation and the ongoing coronavirus pandemic could impact financial performance.
Positive Outlook
- Net sales: mid single-digit increase versus 2021 on a constant currency basis.
- Underlying income (loss) before income taxes: high single-digit increase compared to 2021 on a constant currency basis.
- Deleverage: We expect to achieve a net debt to underlying EBITDA ratio below 3.0x by the end of 2022.
- Underlying free cash flow: $1.0 billion, plus or minus 10%.
- Underlying depreciation and amortization: approximately $750 million, plus or minus 5%.
Challenges Ahead
- The inherent uncertainties that exist in the macroeconomic environment
- Continued significant cost inflation
- Ongoing coronavirus pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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