Sector: Consumer Staples|Industry: Beverages - Brewers|Market Cap: $11.53B|Employees: 16K
Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Five Trail, Hop Valley brands, Leinenkugel's, Madri, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020. Molson Coors Beverage Company was founded in 1774 and is based in Golden, Colorado.
Net sales decreased to $3.04B from $3.30B in the prior year, a 7.8% decrease. This was primarily driven by a 12.3% decrease in financial volume, partially offset by a 4.5% favorable price and sales mix. This indicates potential challenges in volume demand despite pricing strategies.
Gross profit margin increased to 39.5% ($1.202B) from 38.1% ($1.346B) in the prior year, a 4.8% increase. This improvement is attributed to favorable changes in the unrealized commodity mark-to-market derivative positions and cost savings initiatives, suggesting effective cost management despite volume challenges.
Net income attributable to Molson Coors decreased to $199.8 million from $430.7 million in the prior year, a 53.6% decrease. This decline is attributed to higher interest expense due to adjustments in mandatorily redeemable NCI liability and a settlement loss from Canadian pension plan annuity purchases.