Q2 2024 Molson Coors Beverage Co Earnings Call Transcript
Key Points
- Molson Coors Beverage Co (TAP) reported a 5.2% growth in underlying pre-tax income and a 7.9% increase in underlying earnings per share for the second quarter.
- The EMEA and APAC business segments contributed significantly to the results due to favorable net pricing, premiumization, and brand volume growth.
- The company generated $505 million in underlying free cash flow for the first half of the year and returned $564 million to shareholders through dividends and share repurchases.
- Coors Banquet grew brand volume nearly 13% in the first half of the year and gained dollar share at the fastest rate among the top 15 brands in the beer category.
- Molson Coors Beverage Co (TAP) is on track to deliver its 2024 guidance, which calls for top- and bottom-line growth for the third straight year.
- Consolidated net sales revenue was down 0.1% for the second quarter.
- The exit of Pabst's contract brewing volume reduced second-quarter financial volume by 580,000 hectoliters and first-half financial volume by over 900,000 hectoliters.
- The company expects higher costs per hectoliter in the second half of the year due to ongoing inflationary pressures and volume deleverage.
- Marketing spend is expected to be lower in the second half of the year compared to the first half, which may impact brand momentum.
- The US shipment timing and the exit of Pabst's contract brewing volume are expected to result in volume deleverage in the second half of the year.
Good morning, and welcome to the Molson Coors Beverage Company second-quarter earnings conference call. With that, I'll hand it over to Traci Mangini, Vice President, Investor Relations.
Thank you, operator, and hello, everyone. Following prepared remarks today, we look forward to taking your questions. In an effort to address as many questions as possible, we ask that you limit yourself to one question.
If you have technical questions on the quarter, please reach out to our IR team. Also, I encourage you to review our earnings release and earnings slides, which are posted to the IR section of our website and provide detailed financial and operational metrics.
Today's discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements, except as required
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