Foreign Currency

Molson Coors Beverage Shares Take A Hit Despite Q1 Beat – What’s Going On? – Molson Coors Beverage (NYSE:TAP)



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Molson Coors Beverage Company (NYSE:TAP) reported first-quarter FY24 sales growth of 10.7% year-on-year to $2.60 billion, beating the analyst consensus estimate of $2.50 billion.

The revenue increase was driven by higher financial volumes, favorable price and sales mix and favorable foreign currency impacts.

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Net sales from the Americas segment increased 10.6% on a reported and constant currency basis.

Net sales from EMEA & APAC segment jumped 10.9%, driven by favorable price and sales mix as well as favorable foreign currency impacts, partially offset by slightly unfavorable financial volumes.

Adjusted EPS of $0.95 beat the analyst consensus estimate of $0.74. 

Underlying cost of goods sold (COGS) per hectoliter increased 0.9% in constant currency.


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Gross profit climbed 25% Y/Y to $963.5 million. Operating income for the quarter jumped to $314.3 million, with a margin of 10.3%.

Molson Coors Beverage held $458.4 million in cash and equivalents as of March-end. Operating cash flow for the three months totaled $25.4 million.

“Strong America’s volume and favorable net pricing across both business units resulted in double-digit top-line growth while volume leverage and ongoing cost savings drove meaningful margin expansion in the quarter,” said CFO Tracey Joubert.

Outlook: Molson Coors reaffirmed its FY24 net sales outlook at a low single-digit increase versus 2023 on a constant currency basis.

Molson sees FY24 underlying diluted earnings per share: mid single-digit increase compared to 2023.

TAP continues to expect underlying free cash flow of $1.2 billion, plus or minus 10% and capital expenditures of $700 million, plus or minus 5%.

Price Action: TAP shares traded lower by 7.57% at $58.75 at the last check Tuesday.

Photo via Shutterstock


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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


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