Earnings Summary: Molson Coors reports higher sales and profit for Q1 2024

Molson Coors Beverage Company (NYSE: TAP) has announced first-quarter 2024 financial results, reporting an increase in net sales and adjusted profit.

• First-quarter net sales increased 10.7% annually to $2.60 billion on a reported basis, and 10.1% in constant currency
• The top line benefited from higher financial volumes, favorable price and sales mix, and favorable foreign currency impacts
• Financial volumes increased 5.7%, primarily due to higher financial volumes in the Americas segment; brand volumes increased 4.4%
• Unadjusted income before income taxes was $265.4 million, which is more than double the amount for the year-ago period
• Underlying income before income taxes, on an adjusted basis, increased 68.8% in constant currency to $258.8 million
• Net income attributable to the company was $207.8 million, or $0.97 per share, vs. $72.5 million, or $0.33 per share in Q1 2023
• Underlying earnings, on an adjusted basis, increased 76% year-over-year to $0.95 per share
• The board declared a cash dividend of $0.44 per share, a CAD equivalent equal to CAD 0.59 per share, during the quarter