QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS THIRD QUARTER 2022 RESULTS) See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. Underlying income (loss) before income taxes (1) ($ in millions, except per share data) (Unaudited)Ĭonstant Currency Increase (Decrease) (1) As we continue to navigate a challenging and dynamic global macro-economic environment, the fundamental strengths of our business and our actions to sustain the momentum we have achieved give us confidence we can sustainably deliver top and bottom-line growth in the years to come."ĬONSOLIDATED PERFORMANCE - THIRD QUARTER 2023 Our performance underscores the strength of our business, which has consistently improved over the last several years. Both our business units contributed to double-digit top and bottom-line growth, while strong cash generation enabled us to continue to invest in our business, reduce net debt and return cash to shareholders. "We are proud to report another quarter of strong results. Tracey Joubert, Chief Financial Officer Statement: We believe these gains are sustainable, and the strength of our brands coupled with the work we are doing gives us confidence we can maintain the gains we have achieved and grow off of them." The improvement in our business is not limited to one market, a couple brands, or one segment of the category, and the improvement in our business started before April 1. "Our third quarter results represent another quarter of incredible growth across our global business, and we are on track to deliver a second straight year of top and bottom-line growth. Gavin Hattersley, President and Chief Executive Officer Statement: share gains are sustainable - by supplying the elevated level of demand, proactively engaging with retailers to secure more shelf space or with on-premise accounts to add more tap handles and executing targeted sales and marketing efforts to promote trial and retention of consumers, among others. The Company, in partnership with its distributors, has worked diligently to ensure that the U.S. The trajectory of the business has been improving for several years, positioning the Company well to benefit from the accelerated demand in the U.S. beer industry than previously anticipated, more robust brand volume performance, higher than expected pricing primarily in Canada, as well as lower net interest expense due to higher cash balances generating increased interest income. The guidance increase is driven by a healthier U.S. Given its strong performance, Molson Coors is reaffirming its top-line guidance but anticipates it at the high end of the range and is raising its underlying income before income tax guidance for the full year 2023 on a constant currency basis. The strong performance was driven by double-digit top and bottom-line growth across both business units. In the third quarter of 2023, Molson Coors delivered another quarter of strong results growing net revenue by 12.4% reported and income before income taxes by 99.3% reported and by 43.5% on an underlying constant currency basis. Underlying (Non-GAAP) diluted earnings per share ("EPS") of $1.92 per share increased 45.5%. GAAP net income attributable to MCBC of $430.7 million, $1.98 per share on a diluted basis. Underlying (Non-GAAP) income before income taxes of $525.4 million improved 43.5% in constant currency. GAAP income before income taxes of $544.0 million increased 99.3% reported. Net sales per hectoliter increased 8.9% reported and 7.6% in constant currency. Net sales increased 12.4% reported and 11.0% in constant currency. View the full release here: Ģ023 THIRD QUARTER FINANCIAL HIGHLIGHTS 1 Molson Coors Beverage Company ("MCBC" or " Molson Coors") (NYSE: TAP, TAP.A TSX: TPX.A, TPX.B) today reported results for the 2023 third quarter. Third Quarter Income Before Income Taxes Increased 99.3%, While Underlying Income Before Income Taxes Increased 43.5% on a Constant Currency BasisĪnticipates High End of 2023 Full Year Top-Line Guidance and Raises 2023 Full Year Bottom-Line Guidance, While Continuing to Reinvest in the Business Molson Coors Delivers Third Quarter Top-Line Growth of 12.4%
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