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Jun 30, 2023
Molson Coors Q2 2023 Earnings Report
Molson Coors delivered strong second quarter results, achieving top-line growth and increased income before income taxes.
Key Takeaways
Molson Coors reported an 11.8% increase in net sales and a 703% increase in income before income taxes for the second quarter of 2023. The company raised its full-year financial guidance, reflecting confidence in its core brands and strategic initiatives.
Net sales increased by 11.8% due to positive net pricing, favorable sales mix, and higher financial volumes.
U.S. GAAP income before income taxes increased by 703%.
Underlying income before income taxes improved by 52.6% in constant currency.
The company raised its 2023 full year key financial guidance.
Molson Coors
Molson Coors
Molson Coors Revenue by Segment
Forward Guidance
Molson Coors raised its 2023 key financial guidance metrics, expecting high single-digit increase in net sales and a 23%-26% increase in underlying income before income taxes.
Positive Outlook
- High single-digit increase in net sales versus 2022 on a constant currency basis.
- Underlying income (loss) before income taxes: 23%-26% increase compared to 2022 on a constant currency basis.
- Underlying free cash flow: $1.2 billion, plus or minus 10%.
- Consolidated net interest expense: $225 million, plus or minus 5%.
- Underlying effective tax rate: in the range of 21% to 23% for 2023.
Challenges Ahead
- Mindful of the softness in the beer industry
- Continued caution around the consumer
- Expectations of cost inflation
- Limited consumer disposable income
- Consumer preferences