Net Sales Revenue Decreased 3.2% Reported and 2.0% in Constant Currency
U.S. GAAP Net Loss of $403 million Driven by Canadian Goodwill Impairment Charge
Underlying EBITDA of $703 million Decreased 5.6% in Constant Currency
EPS (U.S. GAAP) of $(1.86), and Underlying EPS (Non-GAAP) of $1.48 Decreased 19.6%
DENVER & MONTREAL--(BUSINESS WIRE) – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported results for the 2019 third quarter and is also announcing a new revitalization plan intended to achieve consistent top-line growth by improving efficiency and unlocking resources to reinvest in the business. The strategy, as detailed below, will be further discussed on the quarterly earnings call by new Molson Coors president and chief executive officer, Gavin Hattersley, including information on reinvestment plans, organizational structure, and impact on guidance.
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“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” said Hattersley. “Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”
The plan aims to revitalize Molson Coors, achieving consistent topline growth by enabling us to: 1) Invest in iconic brands as well as opportunities to grow in the above premium space, 2) Expand beyond beer without having to sacrifice support for larger brands in the company’s portfolio and 3) Create new digital competencies for commercial functions, system capabilities for supply chain and capabilities for employees. To make this possible, Molson Coors plans to unlock significant resources by eliminating duplication, shedding what’s not working and restructuring the organization to better succeed in today’s competitive, fast-paced environment.”