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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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