Molson Coors Reports 2019 Full Year and Fourth Quarter Results
February 12, 2020
Full Year (FY) Worldwide Brand Volume Decreased 3.5%
FY Net Sales Revenue Decreased 1.8% Reported and 0.6% in Constant Currency
FY Net Income of $242 Million ($1.11 Per Share) Decreased 78.4%, and FY Underlying (Non-GAAP) EPS of $4.54 Decreased 9.9%
FY Underlying EBITDA of $2.4 Billion Decreased 2.6% in Constant Currency
FY Operating Cash Flow of $1.9 Billion, and Underlying (Non-GAAP) Free Cash Flow of Nearly $1.4 Billion
Over Delivers on Cost Savings and Remains Committed to Deleverage
____________________________________
4th Quarter (4th Q) Worldwide Brand Volume Decreased 1.0%
4th Q Net Sales Revenue Increased 2.8% Reported and 3.0% in Constant Currency
4th Q Net Income of $164 Million ($0.75 Per Share) Increased 115.4%, and 4th Q Underlying (Non-GAAP) EPS of $1.02 Increased 21.4%
4th Q Underlying EBITDA of $563 Million Increased 15.8% in Constant Currency
DENVER & MONTREAL–(BUSINESS WIRE)–Molson Coors Beverage Company (NYSE: TAP; TSX: TPX) today reported results for the 2019 full year and fourth quarter. Molson Coors president and chief executive officer Gavin Hattersley said:
“Full year 2019 was a challenging year for Molson Coors Beverage Company. However, despite significant headwinds and continued volume declines, we grew NSR/HL and improved our mix, delivered strong free cash flow and cost savings, reduced our debt, and started making progress toward premiumizing and modernizing our portfolio.”
Gavin continued, “We know we have a lot of work still to do. That’s why last quarter we announced a plan to get Molson Coors back to consistent topline growth. The plan is designed to streamline the company, allow us to move faster, and free up resources to invest in our brands and capabilities. As promised in October, we’ve wasted no time in implementing the plan.”
| Consolidated Performance – Full Year 2019 | ||||||||||||||||||
|
|
Twelve Months Ended |
|||||||||||||||||
|
($ in millions, except per share data) (Unaudited)
|
December 31, |
|
December 31, |
|
Reported |
|
Foreign |
|
Constant |
|||||||||
|
Net Sales |
$ |
10,579.4 |
|
|
$ |
10,769.6 |
|
|
(1.8 |
)% |
|
$ |
(126.4 |
) |
|
(0.6 |
)% |
|
|
U.S. GAAP Net income (loss)(1) |
$ |
241.7 |
|
|
$ |
1,116.5 |
|
|
(78.4 |
)% |
|
|
|
|
||||
|
Per diluted share |
$ |
1.11 |
|
|
$ |
5.15 |
|
|
(78.4 |
)% |
|
|
|
|
||||
|
Underlying (Non-GAAP) Net income (loss)(2) |
$ |
985.0 |
|
|
$ |
1,091.2 |
|
|
(9.7 |
)% |
|
|
|
|
||||
|
Per diluted share |
$ |
4.54 |
|
|
$ |
5.04 |
|
|
(9.9 |
)% |
|
|
|
|
||||
|
Underlying EBITDA (Non-GAAP)(2) |
$ |
2,364.0 |
|
|
$ |
2,453.7 |
|
|
(3.7 |
)% |
|
$ |
(25.6 |
) |
|
(2.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Consolidated Performance – Fourth Quarter 2019 | ||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||
|
($ in millions, except per share data) (Unaudited)
|
December 31, |
|
December 31, |
|
Reported |
|
Foreign |
|
Constant |
|||||||||
|
Net Sales |
$ |
2,486.2 |
|
|
$ |
2,418.7 |
|
|
2.8 |
% |
|
$ |
(4.1 |
) |
|
3.0 |
% |
|
|
U.S. GAAP Net income (loss)(1) |
$ |
163.7 |
|
|
$ |
76.0 |
|
|
115.4 |
% |
|
|
|
|
||||
|
Per diluted share |
$ |
0.75 |
|
|
$ |
0.35 |
|
|
114.3 |
% |
|
|
|
|
||||
|
Underlying (Non-GAAP) Net income (loss)(2) |
$ |
221.5 |
|
|
$ |
182.3 |
|
|
21.5 |
% |
|
|
|
|
||||
|
Per diluted share |
$ |
1.02 |
|
|
$ |
0.84 |
|
|
21.4 |
% |
|
|
|
|
||||
|
Underlying EBITDA (Non-GAAP)(2) |
$ |
563.1 |
|
|
$ |
487.7 |
|
|
15.5 |
% |
|
$ |
(1.9 |
) |
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(1) |
Net income (loss) attributable to MCBC. |
|
|
(2) |
See Appendix for definitions and reconciliations of non-GAAP financial measures. |
|
|
Full Year Consolidated Highlights (versus 2018 Results) |
- Net Sales: $10.6 billion, decreased 1.8% and 0.6% in constant currency driven by volume declines in all segments, partially offset by net sales per hectoliter growth.
- Net sales per hectoliter: $114.10 on a reported financial-volume basis, increased 2.4% and net sales per hectoliter on a brand volume basis increased by 2.9% in constant currency, primarily driven by positive global net pricing and mix benefiting from our continued focus on premiumizing our portfolio.
- Volume: Worldwide brand volume of 88.9 million hectoliters decreased 3.5% due to lower volume in all segments primarily driven by challenging industry dynamics, particularly in the U.S. and Canada. Financial volume of 92.7 million hectoliters decreased 4.0%. Global priority brand volume decreased 2.2%.
- Cost of goods sold (COGS) per hectoliter: on a reported basis, increased 0.9% primarily driven by inflation, volume deleverage, and negative mix, partially offset by lower unrealized mark-to-market losses on our commodity positions, cost savings and foreign currency movements.
- Underlying COGS per hectoliter: increased 4.9% in constant currency primarily driven by the same factors as U.S. GAAP results excluding the impacts of the changes in unrealized mark-to-market positions and foreign currency movements.
- U.S. GAAP net income attributable to MCBC: decreased 78.4%, largely driven by the impact of aggregate goodwill and intangible asset impairment charges of approximately $692 million primarily related to our Canada reporting unit. The decrease was also due to lower volume, inflation, restructuring charges and one-time pension and postretirement costs, partially offset by positive global pricing, cost savings, lower incentive compensation, as well as lower interest expense.
- Underlying net income: decreased 9.7%, primarily driven by the same factors as U.S. GAAP net income, excluding the impact of the aggregate goodwill and intangible asset impairment charges and restructuring charges, as well as a higher underlying effective tax rate as compared to the prior year.
- Underlying EBITDA: decreased 2.6% on a constant currency basis, largely driven by the same factors as underlying net income, with the exception of the impacts of interest and income tax expense.
- U.S. GAAP cash from operations: net cash provided by operating activities for full year 2019 was approximately $1.9 billion, which represents a decrease of $434 million from the prior year. This decrease was primarily driven by cycling the $328 million cash payment received in January 2018 related to a purchase price adjustment for our acquisition of the Miller International Business, as well as lower net income adjusted for non-cash add backs and higher cash paid for taxes, partially offset by favorable changes in working capital and lower interest paid.
- Underlying free cash flow: $1,369.8 million for full year 2019, which represents a decrease of $52.1 million from the prior year, primarily due to lower underlying EBITDA and higher cash paid for taxes, partially offset by lower capital expenditures, favorable changes in working capital and lower cash paid for interest.
- Debt: Total debt at the end of 2019 was $9.038 billion, and cash and cash equivalents totaled $523.4 million, resulting in net debt of $8.514 billion.
|
Quarterly Consolidated Highlights (versus Fourth Quarter 2018 Results) |
- Net sales: $2.5 billion, increased by 2.8% and 3.0% in constant currency driven by net sales per hectoliter growth and higher financial volume, including an anticipated benefit in the U.S. from shipments exceeding brand volume as full year shipment volumes and brand volumes converged.
- Net sales per hectoliter: $114.22 on a reported financial-volume basis, increased 1.8% and net sales per hectoliter on a brand volume basis increased by 1.1% in constant currency, driven by positive global pricing and mix, benefiting from our continued focus on premiumizing our portfolio.
- Volume: Worldwide brand volume of 21.8 million hectoliters decreased 1.0%, primarily driven by lower economy volumes in the U.S. and weakened performance in Canada, partially offset by growth in International. Financial volume of 21.8 million hectoliters increased 1.0%, driven by quarterly timing of distributor inventories in the U.S., and growth in International, partially offset by lower volume in Canada and Europe. Global priority brand volume increased 1.6%.
- Cost of goods sold (COGS) per hectoliter: on a reported basis, decreased 5.7% primarily driven by unrealized mark-to-market changes on our commodity positions, cost savings and foreign currency movements, partially offset by inflation.
- Underlying COGS per hectoliter: increased 1.7% in constant currency primarily driven by inflation and mix, partially offset by cost savings. This increase was significantly improved versus prior quarters primarily reflecting fixed cost absorption in our U.S. business resulting from the timing of our financial volumes during the fourth quarter, and cycling one-time costs in our Canadian business.
- U.S. GAAP net income attributable to MCBC: increased by $87.7 million driven by cycling the timing of shipments in the prior year, positive global net pricing, cost savings, a non-recurring vendor benefit in the U.S. and lower one-time incentive compensation expense driven by anticipated departures as a result of the revitalization plan which together account for approximately 50% of the reduction in marketing, general and administrative expense, along with timing of marketing investments, partially offset by restructuring charges and one-time pension and postretirement costs.
- Underlying net income: increased 21.5%, driven by the same factors as U.S. GAAP net income with the exception of restructuring charges and one-time pension and postretirement costs.
- Underlying EBITDA: increased 15.8% on a constant currency basis, largely driven by the same factors as underlying net income.
|
Business Review – Fourth Quarter 2019 |
|
Net Sales |
||||||||||||||||||
|
($ in millions) (Unaudited) |
Three Months Ended |
|||||||||||||||||
|
|
December 31, |
|
December 31, |
|
Reported |
|
Foreign |
|
Constant |
|||||||||
|
United States |
$ |
1,679.9 |
|
|
$ |
1,603.8 |
|
|
4.7 |
% |
|
$ |
— |
|
|
4.7 |
% |
|
|
Canada |
307.1 |
|
|
322.0 |
|
|
(4.6 |
)% |
|
0.5 |
|
|
(4.8 |
)% |
||||
|
Europe |
469.3 |
|
|
464.3 |
|
|
1.1 |
% |
|
(4.6 |
) |
|
2.1 |
% |
||||
|
International |
62.0 |
|
|
57.7 |
|
|
7.5 |
% |
|
— |
|
|
7.5 |
% |
||||
|
Corporate |
0.2 |
|
|
0.1 |
|
|
100.0 |
% |
|
— |
|
|
100.0 |
% |
||||
|
Eliminations(2) |
(32.3 |
) |
|
(29.2 |
) |
|
(10.6 |
)% |
|
— |
|
|
(10.6 |
)% |
||||
|
Consolidated |
$ |
2,486.2 |
|
|
$ |
2,418.7 |
|
|
2.8 |
% |
|
$ |
(4.1 |
) |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(1) |
See Appendix for definitions and reconciliations of non-GAAP financial measures. |
|
|
(2) |
Reflects intercompany sales that are eliminated in consolidated totals. |
|
|
Pretax Income (U.S. GAAP) |
||||||||||||||||||
|
($ in millions) (Unaudited) |
Three Months Ended |
|||||||||||||||||
|
|
December 31, |
|
December 31, |
|
Reported |
|
Foreign |
|
Constant |
|||||||||
|
United States |
$ |
283.1 |
|
|
$ |
239.3 |
|
|
18.3 |
% |
|
$ |
(0.3 |
) |
|
18.4 |
% |
|
|
Canada |
4.6 |
|
|
9.1 |
|
|
(49.5 |
)% |
|
— |
|
|
(49.5 |
)% |
||||
|
Europe |
54.3 |
|
|
33.5 |
|
|
62.1 |
% |
|
(1.4 |
) |
|
66.3 |
% |
||||
|
International |
(2.2 |
) |
|
(6.7 |
) |
|
67.2 |
% |
|
0.1 |
|
|
65.7 |
% |
||||
|
Corporate |
(133.2 |
) |
|
(205.9 |
) |
|
35.3 |
% |
|
(0.2 |
) |
|
35.4 |
% |
||||
|
Consolidated |
$ |
206.6 |
|
|
$ |
69.3 |
|
|
198.1 |
% |
|
$ |
(1.8 |
) |
|
200.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(1) |
See Appendix for definitions and reconciliations of non-GAAP financial measures. |
|
|
Underlying EBITDA (Non-GAAP)(1) |
||||||||||||||||||
|
($ in millions) (Unaudited) |
Three Months Ended |
|||||||||||||||||
|
|
December 31, |
|
December 31, |
|
Reported |
|
Foreign |
|
Constant |
|||||||||
|
United States |
$ |
431.3 |
|
|
$ |
370.1 |
|
|
16.5 |
% |
|
$ |
(0.3 |
) |
|
16.6 |
% |
|
|
Canada |
64.7 |
|
|
64.7 |
|
|
— |
% |
|
0.6 |
|
|
(0.9 |
)% |
||||
|
Europe |
93.1 |
|
|
80.7 |
|
|
15.4 |
% |
|
(2.1 |
) |
|
18.0 |
% |
||||
|
International |
4.1 |
|
|
2.8 |
|
|
46.4 |
% |
|
(0.1 |
) |
|
50.0 |
% |
||||
|
Corporate |
(30.1 |
) |
|
(30.6 |
) |
|
1.6 |
% |
|
— |
|
|
1.6 |
% |
||||
|
Consolidated |
$ |
563.1 |
|
|
$ |
487.7 |
|
|
15.5 |
% |
|
$ |
(1.9 |
) |
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(1) |
See Appendix for definitions and reconciliations of non-GAAP financial measures. |
|
|
Quarterly Segment Highlights (versus Fourth Quarter 2018 Results) |
United States Business
- Revenue: Net sales increased 4.7% due to higher financial volume and net sales per hectoliter (brand volume basis) growth of 1.6% driven by higher net pricing.
- Volume: U.S. brand volume decreased 1.7%, driven by declines in the economy segment while our premium light and above premium portfolio trends improved. Sales-to-wholesalers (STWs) volume, excluding contract brewing, increased 2.5% driven by cycling lower shipments in the prior year attributed to quarterly timing of distributor inventories, partially offset by lower brand volume. On a full year basis, brand volume and STWs largely converged.
- COGS per hectoliter increased 1.3%, due to inflation, partially offset by cost savings and fixed cost absorption related to increased financial volumes.
- Marketing, general and administrative (MG&A) expense decreased 6.8% primarily driven by the shift of marketing investments to earlier in the year to support the launch of various above premium and innovation initiatives, as well as a non-recurring vendor benefit.
- U.S. pretax income increased 18.3% from the prior year driven by higher financial volumes, lower MG&A expenses and higher net pricing, partially offset by inflation and special charges related to the planned closure of our Irwindale, California brewery and restructuring activities.
- U.S. underlying EBITDA increased 16.5% driven by the same factors as U.S. GAAP results with the exception of special charges.
Canada Business
- Revenue: Net sales decreased 4.6%, and 4.8% in constant currency, primarily driven by volume declines and a net sales per hectoliter (brand volume basis) decline of 0.7% in constant currency, primarily driven by unfavorable mix, partially offset by positive net pricing.
- Volume: Canada brand volume decreased 6.9% and financial volume decreased 4.0% in the fourth quarter. The decline in brand volume is driven primarily by weakened brand performance and industry declines, while financial volume was positively impacted by cycling lower customer inventory levels in the prior year.
- COGS per hectoliter decreased 1.4% in constant currency primarily driven by cycling one-time charges related to inventory write-offs and cost savings, partially offset by volume deleverage.
- MG&A expense increased 0.9% in constant currency primarily driven by Truss joint venture start-up costs, partially offset by lower incentive compensation.
- Canada pretax income of $4.6 million, decreased $4.5 million from the prior year, driven primarily by restructuring charges, the gross profit impacts of volume declines, Truss joint venture start-up costs, partially offset by cycling one-time inventory write offs in the prior year, unrealized mark-to-market changes on our HEXO warrants and lower incentive compensation.
- Canada underlying EBITDA decreased 0.9% in constant currency, primarily due to the same factors as U.S. GAAP results with the exception of restructuring charges and unrealized mark-to-market changes on our HEXO warrants.
Europe Business
- Revenue: Net sales increased 1.1% and 2.1% in constant currency driven by net sales per hectoliter (brand volume basis) growth of 4.0% in constant currency as a result of positive pricing and mix.
- Volume: Europe brand volume decreased 0.4% and financial volume decreased 1.4%. The decline in brand volumes is driven primarily by lower brand performance while our premium portfolio had strong momentum during the fourth quarter with higher volume growth than the full year.
- COGS per hectoliter increased 4.7% in constant currency, primarily due to inflation.
- MG&A expense decreased 10.7% in constant currency, primarily driven by the shift of marketing investments to earlier in the year and lower incentive compensation expense.
- Europe pretax income increased 62.1% from the prior year, driven primarily by positive pricing and mix, special benefits related to consideration received following the termination of distribution, brewing and joint venture agreements with a partner in one of our markets, which substantially offset related impairment losses previously recorded during the third quarter, and lower MG&A expense, partially offset by inflation, restructuring charges, lower volume and unfavorable foreign currency movements.
- Europe underlying EBITDA increased 18.0% in constant currency driven by the same factors as U.S. GAAP results with the exception of special benefits.
International Business
- Revenue: Net sales increased 7.5% both on a reported basis and in constant currency, driven by brand volume growth, partially offset by a 5.3% decline in net sales per hectoliter (brand volume basis) in constant currency, due to geographic mix.
- Volume: International brand volume increased 13.9% driven by strong Coors Light performance in Mexico, continued growth in Argentina and timing of STWs, partially offset by India supply chain and demand constraints.
- COGS per hectoliter increased 6.2% in constant currency, driven by inflation and geographic mix.
- MG&A expense decreased 0.5% in constant currency.
- International reported a pretax loss of $2.2 million, compared to a loss of $6.7 million in the prior year, driven by higher volume, lower MG&A expense and cycling higher special charges related to the exit of our China business, partially offset by negative geographic mix and restructuring charges.
- International underlying EBITDA of $4.1 million increased 50.0% in constant currency driven by the same factors as U.S. GAAP results with the exception of special charges.
Corporate
- Corporate reported a pretax loss of $133.2 million in the fourth quarter compared to a loss of $205.9 million in the prior year, primarily due to unrealized mark-to-market changes on our commodity positions, lower net interest expense and lower incentive compensation, partially offset by one-time pension and postretirement charges.
- Corporate underlying EBITDA improved by $0.5 million, driven primarily by lower incentive compensation and project spend.
|
Worldwide Brand and Financial Volume(1) |
||||||||||||||||||
| (In millions of hectoliters) (Unaudited) |
Three Months Ended |
|||||||||||||||||
|
|
December 31, |
|
December 31, |
|
Change |
|||||||||||||
|
Financial Volume(1) |
21.766 |
|
|
21.556 |
|
|
1.0 |
% |
||||||||||
|
Contract brewing, wholesaler and non-beer volume |
(1.794 |
) |
|
(1.781 |
) |
|
0.7 |
% |
||||||||||
|
Royalty Volume |
1.280 |
|
|
1.110 |
|
|
15.3 |
% |
||||||||||
|
Sales-To-Wholesaler to Sales-To-Retail adjustment |
0.536 |
|
|
1.126 |
|
|
(52.4 |
)% |
||||||||||
|
Total Worldwide Brand Volume(1) |
21.788 |
|
|
22.011 |
|
|
(1.0 |
)% |
||||||||||
|
|
|
|
|
|
|
|||||||||||||
|
(1) |
See Appendix for definitions and additional discussion regarding Financial and Worldwide Brand Volume. |
|
|
|
|
Other Results |
Cost Savings Update
- We delivered full year cost savings of approximately $230 million in 2019, resulting in a total of approximately $725 million delivered over the course of our 2017 – 2019 program. The total savings over this 3 year program of $725 million exceeded the most recent guidance of $700 million and original goal of $550 million.
- Total one-time costs to achieve transaction-related synergies were approximately $31 million in 2019. Total one-time costs to achieve our 2017 – 2019 transaction-related synergies were $208 million, of which approximately 70% was non-core operating expense and 30% was capital spending. Total costs over the 3 year program were approximately $20 million less than our most recent guidance of $230 million and approximately $140 million less than our original expectation of $350 million.
- We are committed to continuing to deliver cost savings across the organization and are constantly evaluating the business to identify areas for additional savings. Our next generation cost savings program, which began in 2020, is currently expected to deliver approximately $600 million over the 3 year program term through 2022 and is focused around many of the same functions of the business as the 2017 – 2019 program. These cost savings include $150 million related to the revitalization plan.
- Total one-time costs to achieve savings from the revitalization plan are expected to be approximately $120 million to $180 million. We began recognizing these costs in the fourth quarter of 2019, and expect the remainder will be spread through the balance of fiscal years 2020 and 2021.
|
Effective Income Tax Rates |
||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||||||||
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||||||||||||
|
U.S. GAAP effective tax rate |
19.6 |
% |
|
(9.2 |
)% |
|
48.7 |
% |
|
16.6 |
% |
|||||||||||
|
Underlying effective tax rate |
22.5 |
% |
|
13.7 |
% |
|
21.7 |
% |
|
16.5 |
% |
|||||||||||
- Our fourth quarter effective tax rate increased to 19.6% from negative 9.2% a year ago, primarily due to a one-time tax benefit recognized in the fourth quarter of 2018. The increase in our effective tax rate during the full year 2019 was primarily driven by the $668.3 million impairment loss attributable to nondeductible goodwill of our Canada reporting unit as well as other one-time tax expense items recognized in 2019.
- Our fourth quarter underlying effective tax rate increased to 22.5% from 13.7% a year ago, primarily due to the above mentioned one-time tax benefit recognized in the fourth quarter of 2018. The increase in our full year underlying tax rate versus the prior year was primarily due to the above mentioned one-time tax expenses recognized in 2019.
Special and Other Non-Core Items
The following special and other non-core items have been excluded from underlying results. See the Appendix for reconciliations of non-GAAP financial measures.
- During the fourth quarter of 2019, MCBC recognized a net special charge of $42.4 million, largely driven by restructuring charges related to our revitalization plan and asset abandonment charges consisting primarily of accelerated depreciation related to brewery closures, including the recently announced planned closure of our Irwindale, California brewery.
- Additionally during the fourth quarter of 2019, we recorded other non-core net costs of $39.9 million, primarily driven by one-time pension and postretirement charges, integration-related expenses and net changes in our unrealized mark-to-market positions on commodity hedges and our HEXO warrants.
|
2020 Outlook |
We currently expect the following for full year 2020, which we consider a transition year:
- Net Sales Revenue: flat to low-single digit decrease on a constant currency basis.
- Underlying EBITDA: high-single digit decrease from the full year 2019 underlying EBITDA of $2.364 billion, on a constant currency basis.
- Underlying free cash flow: $1.1 billion, plus or minus 10%.
- Capital spending: approximately $700 million, plus or minus 10%.
- Cost savings: approximately $600 million for the 2020 to 2022 program which includes the cost savings associated with the revitalization program.
- Underlying depreciation and amortization: approximately $850 million.
- Consolidated net interest expense: approximately $280 million, plus or minus 5%.
- Underlying effective tax rate in the range of 20% to 24% for 2020 and beyond, which remains subject to additional definitive guidance and finalized regulations from the U.S. government regarding the implementation of the tax reform legislation from 2017.
- Deleverage & Dividend: We intend to maintain our investment grade rating as demonstrated by our continued deleverage. Additionally, our intention is to maintain a dividend payout-ratio target in the range of 20%-25% of trailing annual underlying EBITDA.
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Notes |
Unless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all comparative results are for the Company’s fourth quarter or full year ended December 31, 2019, compared to the fourth quarter or full year ended December 31, 2018. Some numbers may not sum due to rounding.
As used in this release, the term “Acquisition” refers to the Company’s acquisition from Anheuser-Busch InBev SA/NV on October 11, 2016, of SABMiller plc’s 58% economic interest and 50% voting interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the Miller International business outside of the U.S. and Puerto Rico.
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2019 Fourth Quarter Conference Call |
Molson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company’s 2019 fourth quarter and full year results. The live webcast will be accessible via the Company’s website, www.molsoncoors.com. An online replay of the webcast will be available until 11:59 p.
Contacts
News Media
Matthew Hargarten, (303) 927-2443
Investor Relations
Greg Tierney, (414) 931-3303