Q1 FY 2024
RESULTS & OUTLOOK
FORWARD LOOKING STATEMENTS
This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intend," "goals," "plans," "believes," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies," "implies," and variations of such words and similar expressions are intended to identify forward-looking statements. Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements under the headings "Reaffirming 2024 Guidance" and "Key 2024 Guidance Assumptions and Drivers" with respect to, among others, expectations of cost inflation, limited consumer disposable income, consumer preferences, overall volume and market share trends, pricing trends, industry forces, cost reduction strategies, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related initiatives and expectations regarding future dividends and share repurchases. In addition, statements that we make in this presentation that are not statements of historical fact may also be forward-looking statements.
Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's historical experience, and present projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this presentation are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAPInformation: This presentation refers to certain non-GAAP financial measures. Refer to the Appendix to this presentation for descriptions of these non-GAAP financial measures such as underlying income (loss) before income taxes; underlying earnings per share, underlying free cash flow; net debt; underlying cost of goods sold ("COGS"); underlying marketing, general & administrative ("MG&A"); underlying effective tax rate; net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA"); underlying depreciation and amortization; constant currency; and various measures that adjust for the impacts of non-recurring items. Please the Appendix to this presentation to find disclosure and applicable reconciliations (or an explanation for why we are unable to provide a reconciliation without unreasonable efforts) of non-GAAP financial measures discussed in this presentation.
Market and Industry Data: The market and industry data used, if any in this presentation, are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Circana for U.S. market data and Beer Canada for Canadian market data (collectively, the Third Party Information"), as well as information based on management's good faith estimates, which we derive from our review of internal information and independent sources. Such Third-Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.
2
Chief Executive Officer
Gavin Hattersley
CONFIDENT IN THE STRENGTH OF OUR BUSINESS
- Strong momentum from 2023 continued in the first quarter with double-digit top and bottom-line growth driven by our business globally
- U.S. volume share gains in the first quarter were consistent with gains in the second half of 2023
- Confident this is a new foundation
despite expected U.S. choppiness in the next several weeks - Retailers allocating ~13% more shelf space for
Coors Light and Miller Lite in U.S. spring resets
- Strong commercial plans across the globe support expected distribution growth in 2024
3
STRONG MOMENTUM DRIVES DOUBLE-DIGIT COORS LIGHT
AND COORS BANQUET U.S. BRAND VOLUME GROWTH
Coors Light
Top dollar share gainer year-to-date in the U.S. on-premise
In Canada, grew nearly a full share point
of the industry year-to-date
Momentum is anchored by our new "Choose Chill" campaign
Coors Banquet
Grew U.S. brand volume by 23% in the first quarter
Gained nearly a quarter point of U.S. industry dollar share
Expected to grow U.S. distribution by nearly 20% in 2024
4
MILLER LITE ACHIEVES STRONG GROWTH IN THE U.S. & CANADA
Miller Lite
Miller Lite grew U.S. brand volume
by high single digits in the first quarter
on top of strong prior year comps
In Canada, Miller Lite sells at an above-premium price point and, year-to-date through February, it is the
fastest-growing above premium beer nationally, growing over 40%
New celebrity "All-Stars" and more
planned programs like Olympics, Major
League Baseball and football
to support ongoing growth
5
POWERFUL PORTFOLIO OF CORE BRANDS
Molson Trademark
(Canada) outperformed the industry and gained volume share year-to-date through February
Carling (U.K.) is the #1 beer brand in volume and is more associated with professional soccer than any other beer in the market
Ozujsko (Croatia) continued
its strong momentum,
reaching a 54% value share of core segment in the quarter
6
MADRI STRONGLY SUPPORTING PREMIUMIZATION GOALS
Madri
The #3 World Beer
in the U.K. total trade;
March launches in Canada and
Bulgaria performing well
In the U.K., the brand
grew value sales
of the on-trade by nearly 50%, and value sales of the off-trade by over 40%
7
STRONG PROGRESS IN BEYOND BEER WITH FLAVOR INNOVATIONS
Simply Spiked
Grew U.S. brand volume
by nearly 35% in the first quarter
New Limeade flavor holds the
#1 new item spot for the flavored
alternative segment since its launch in February
Happy Thursday
Launched our new non-carbonated spiked refresher in April in the U.S. with early positive consumer response
8
Delivering on the
Momentum of our Brands
&
Confident in our 2024 Plans and on our Ability to Deliver Growth in 2024 and Beyond
9
Tracey Joubert
Chief Financial
Officer
CONSOLIDATED FIRST
QUARTER 2024 RESULTS
Q1 2024* | % CHANGE** | |||
FINANCIAL VOLUME (HL) | 17.974 | +5.7% | ||
BRAND VOLUME (HL) | 16.899 | +4.4% | ||
NET SALES REVENUE | $2,596 | +10.1%*** | ||
UNDERLYING INCOME | $259 | +68.8%*** | ||
BEFORE INCOME TAXES | ||||
UNDERLYING EARNINGS | $0.95 | +75.9% | ||
PER SHARE | ||||
UNDERLYING FREE | -$189 | -8.6% | ||
CASH FLOW | ||||
NET DEBT AS OF | $5,759 | -8.0% | ||
MARCH 31, 2024 | ||||
DIVIDEND PER SHARE | $0.44 | +7.3% | ||
SHARES REPURCHASED | 1.760 | +540% | ||
NET SALES REVENUE | $13 | +0.6% | ||
CURRENCY IMPACT IN | ||||
REPORTED RESULTS | ||||
* Represents the Q1 2024 period in millions unless otherwise specified
** Represents growth from Q1 2024 as compared to the prior-year period.10
*** Represents the % change from the prior-year period and on a constant currency basis
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Molson Coors Beverage Company published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 15:16:45 UTC.