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Jun 30, 2024
Molson Coors Q2 2024 Earnings Report
Molson Coors' Q2 2024 results were reported with net sales nearly flat and income before income taxes improved.
Key Takeaways
Molson Coors reported a slight decrease in net sales but a significant increase in income before income taxes. The company reaffirmed its full-year guidance for top-line and bottom-line growth, driven by pricing and mix, cost savings, and innovation.
Net sales decreased slightly by 0.4% as reported, and 0.1% in constant currency.
U.S. GAAP income before income taxes increased 26.9% as reported.
Underlying income before income taxes improved 5.2% in constant currency.
The company reaffirmed its 2024 full-year guidance for top-line and bottom-line growth.
Revenue by Segment
Forward Guidance
Molson Coors continues to expect to achieve key financial targets for full year 2024, including low single-digit increase in net sales and mid single-digit increase in underlying income before income taxes and diluted earnings per share.
Positive Outlook
- Expects low single-digit increase in net sales versus 2023 on a constant currency basis.
- Expects mid single-digit increase in underlying income before income taxes compared to 2023 on a constant currency basis.
- Expects mid single-digit increase in underlying diluted earnings per share compared to 2023.
- Underlying free cash flow: $1.2 billion, plus or minus 10%.
- Underlying effective tax rate: in the range of 23% to 25% for 2024.
Challenges Ahead
- U.S. sales to wholesalers were deliberately ahead of sales to retailers in the first half of the year and this is expected to reverse in the second half of the year.
- The wind down of a contract brewing agreement is expected to result in a reduction in Americas' financial volume by approximately 1.0 million hectoliters for the balance of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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