Molson Coors Q3 2020 Earnings Report
Key Takeaways
Molson Coors reported a decrease in net sales revenue by 3.1% and an increase in U.S. GAAP net income to $343 million. Non-GAAP EPS increased by 9.5%, and underlying EBITDA increased by 0.5% in constant currency.
Coors Light and Miller Lite grew 6.0% and 9.5%, respectively, in the U.S. off-premise so far this year.
Above premium products hit a record high portion of the Company’s U.S. portfolio in the third quarter, the highest it has been since the formation of the MillerCoors joint venture in 2008.
Truss, the Company’s Canadian cannabis joint venture, has quickly become a market share leader of ready-to-drink cannabis beverages in Canada.
The Company is expanding its hard seltzer production capacity by over 400%, which is expected to be completed by the end of 2020.
Molson Coors
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Molson Coors Revenue by Segment
Forward Guidance
Molson Coors withdrew its financial outlook for 2020 and beyond due to the ongoing coronavirus pandemic but noted impacts from tax payment deferrals and new U.S. federal income tax regulations.