On November 2, 2023, Molson Coors Beverage Co (TAP, Financial) released its earnings report for the third quarter of 2023. The company reported a 12.4% increase in net sales and a 99.3% increase in income before income taxes. The strong performance was driven by double-digit top and bottom-line growth across both business units.
Financial Highlights
Net sales increased by 12.4% reported and 11.0% in constant currency. Net sales per hectoliter increased by 8.9% reported and 7.6% in constant currency. The U.S. GAAP income before income taxes of $544.0 million increased by 99.3% reported. The underlying (Non-GAAP) income before income taxes of $525.4 million improved by 43.5% in constant currency. The U.S. GAAP net income attributable to MCBC was $430.7 million, $1.98 per share on a diluted basis. The underlying (Non-GAAP) diluted earnings per share ("EPS") of $1.92 per share increased by 45.5%.
CEO and CFO Perspectives
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. 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. 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." - Gavin Hattersley, President and Chief Executive Officer
We are proud to report another quarter of strong results. 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. Our performance underscores the strength of our business, which has consistently improved over the last several years. 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." - Tracey Joubert, Chief Financial Officer
Outlook for 2023
Molson Coors is adjusting certain full year 2023 financial guidance metrics. The company reaffirms high single-digit increase versus 2022 on a constant currency basis but narrowing to the high end of the range. The adjustment is due to the U.S. beer category being healthier than projected as well as stronger than expected brand volume growth. The company also raised its underlying income before income tax guidance for the full year 2023 on a constant currency basis.
For more details on Molson Coors Beverage Co (TAP, Financial)'s Q3 2023 earnings, visit the company's investor relations page.
Explore the complete 8-K earnings release (here) from Molson Coors Beverage Co for further details.
