Third Quarter 2016 Highlights(1)
- Worldwide beer volume: 15.9 million hectoliters, decreased 3.8%; Coors Light volume decreased 3.3% worldwide
- Net sales: $947.6 million, decreased 6.9% on a reported basis, and decreased 2.2% in constant currency
- Net sales per HL: $109.65, decreased 3.5%, and increased 1.3% in constant currency
- U.S. GAAP net income from continuing operations attributable to MCBC: $202.5 million ($0.94 per diluted share), increased from $13.7 million a year ago
- Underlying after-tax income: $222.7 million ($1.03 per diluted share), decreased 14.3%
- Underlying EBITDA (earnings before interest, taxes, depreciation and amortization): $403.1 million, decreased 4.1%
Year-to-Date 2016 Highlights(1)
- Worldwide beer volume: 43.7 million hectoliters, decreased 1.4%; Coors Light volume increased 1.2% worldwide
- Net sales: $2.591 billion, decreased 4.9% on a reported basis, and declined 0.1% in constant currency
- Net sales per HL: $112.80, decreased 3.9%, and increased 0.9% in constant currency
- U.S. GAAP net income from continuing operations attributable to MCBC: $539.8 million ($2.54 per diluted share), increased 67.5%
- Underlying after-tax income: $576.4 million ($2.71 per diluted share), decreased 5.5%
- Underlying EBITDA (earnings before interest, taxes, depreciation and amortization): $1,095.2 million, decreased 0.8%
DENVER, Colo., and MONTREAL, Quebec – November 1, 2016 – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported U.S. GAAP net income from continuing operations attributable to MCBC of $202.5 million, an increase versus $13.7 million a year ago, primarily driven by cycling $275.0 million of impairment charges recorded for certain Europe brands last year, partially offset by special charges and other non-core expenses related to the MillerCoors transaction this year. The Company also reported a 14.3 percent decrease in underlying after-tax income for the third quarter 2016, driven by lower worldwide volume, a higher underlying tax rate, and higher brand investments globally, which were partially offset by positive mix and higher underlying U.S. equity income.
Molson Coors president and chief executive officer Mark Hunter said, “In the third quarter, we continued to focus on our First Choice ambition and on building a stronger, broader and more premium brand portfolio, underpinned by incremental sales and marketing investment, as we have discussed all year. Business highlights for the quarter and year to date included net sales revenue per hectoliter growth on a constant currency basis in all of our businesses, along with increased investments in our brands globally. In the U.S., Coors Light and Miller Lite again gained share of the premium light segment for the quarter, and Coors Light achieved its highest segment share gain in three years. Year to date, Coors Light grew volume more than 1 percent globally, with growth of more than 14 percent outside of North America. We also continued to strengthen our business through improvements to our sales execution and revenue management capabilities, increased efficiency of our operations, and implementation of common global systems."
Mark added, "This is a historic time in the evolution of Molson Coors. Three weeks ago, we completed our acquisition of the remaining 58 percent stake in the MillerCoors’ joint venture, along with the Miller global brand portfolio. We emerge as the world’s third-largest brewer, bringing together Molson Coors and MillerCoors into a bigger, better organization. As one company with an expanded portfolio of iconic brands, we intend to leverage our increased scale, resources, synergies and combined commercial experience to accelerate our First Choice agenda and deliver long-term shareholder value."