Net Sales Increased 1.8%, Financial Volumes and Net Sales/HL Improved, Worldwide Brand Volumes Down 1.0%, U.S. GAAP Net Income and Underlying EBITDA Delivered Growth
EPS (U.S. GAAP) of $1.56 Increased 17.3%, and Underlying EPS (Non-GAAP) of $1.84 Increased 34.3%, versus prior year
Management Increases Cost Savings Guidance, Reaffirms Dividend Expectations Remains Committed to Full-Year Free Cash Flow and Deleverage Targets
DENVER, Colo., and MONTREAL, Quebec – October 31, 2018 – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported results for the 2018 third quarter. Molson Coors president and chief executive officer Mark Hunter said:
"This quarter reflects progress on a number of fronts as we drive our consistent First Choice strategy of earning more, using less and investing wisely as brand volume grew in developed and developing markets outside of North America, NSR/HL grew globally, and we grew underlying EBITDA in constant currency in each of our four business units."
Mark continued, "The volume growth we are seeing outside North America is driven by consistency of our First Choice strategy, the breadth and depth of our global brand portfolio and a positive industry. Europe, our second largest business unit by volume, is growing consistently and accelerating the pace of portfolio premiumization while our International business unit, led by the Latin American markets, posted mid-teens growth due to the strong performance of our global brands, led by Coors Light and the Miller Trademark brands of MGD, Miller Lite and Miller High Life.
In the U.S., brand volumes or STRs were below industry volumes. As we have indicated, improving our volume performance in the U.S. is a priority and the first step is to improve our share performance through Coors Light and accelerated premiumization of the portfolio.
Additionally, across Molson Coors we are over delivering on our synergy and cost savings program to counter higher than anticipated commodity inflation and maintain our deleverage commitment and dividend plan."