NYSE$TAP
Molson Coors Brewing Co · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Molson Coors delivered fourth quarter top-line growth and exceeded full year guidance on a constant currency basis. Net income decreased due to partial goodwill impairment charge, while underlying net income increased.
Molson Coors reported a net sales increase of 0.4% and 3.8% in constant currency for Q4 2022. The U.S. GAAP loss before income taxes was $(564.1) million, which included a non-cash $845 million partial goodwill impairment charge in the Americas segment. Underlying income before income taxes increased 51.1% in constant currency.
- Net sales increased 0.4% reported and 3.8% in constant currency, primarily due to positive net pricing and favorable sales mix, partially offset by lower financial volumes.
- Net sales per hectoliter on a financial volume basis increased 7.8% reported and 11.4% in constant currency.
- U.S. GAAP loss before income taxes of $(564.1) million declined $673.6 million on a reported basis from income in the prior year largely driven by a non-cash $845 million partial goodwill impairment charge.
- Underlying income before income taxes of $328.6 million increased 51.1% in constant currency.
Headline financials
Revenue & EPS history
Molson Coors · Revenue · Quarterly
$2.63B
Revenue by segment
Molson Coors · $2.63B total across 2 segments · Q4 2022
- Americas Segment Net Sales$2.13B-0.7%80.9%
- EMEA&APAC Segment Net Sales$503M+6.2%19.1%
Forward guidance
Molson Coors expects to achieve the following targets for full year 2023 despite the inherent uncertainties that exist with a softer beer industry and the impacts of continued global inflationary cost pressures.
Tailwinds
- Net sales: low single-digit increase versus 2022 on a constant currency basis.
- Underlying income (loss) before income taxes: low single-digit increase compared to 2022 on a constant currency basis.
- Capital Expenditures: $700 million incurred, plus or minus 5%
- Underlying free cash flow: $1.0 billion, plus or minus 10%.
- Underlying depreciation and amortization: $690 million, plus or minus 5%.
Headwinds
- inherent uncertainties that exist with a softer beer industry
- impacts of continued global inflationary cost pressures
- Consolidated net interest expense: $240 million, plus or minus 5%.
- Underlying effective tax rate: in the range of 21% to 23% for 2023.
- Softer beer industry
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-0.6%
Avg return
Earnings day
-0.1%
Avg return
5 days after
-1.0%
Avg return
30 days after
47%
34 / 72 earnings
Positive
+13.4%
Q3 2018
Best reaction
-17.1%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -0.5% | -6.9% | |
| Q4 2025 | +0.8% | -1.8% | -18.5% | |
| Q3 2025 | +1.0% | +7.2% | +5.4% | |
| Q1 2025 | -4.6% | -2.9% | -8.5% | |
| Q4 2024 | +9.5% | +13.4% | +11.5% | |
| Q3 2024 | +5.4% | +9.5% | +8.2% | |
| Q2 2024 | +1.9% | +3.6% | +9.2% | |
| Q1 2024 | -10.2% | -9.0% | -16.3% | |
| Q4 2023 | -1.1% | +0.1% | +6.2% | |
| Q3 2023 | +1.4% | +1.6% | +6.4% | |
| Q2 2023 | -3.5% | -6.4% | -9.0% | |
| Q1 2023 | +7.5% | +7.3% | +3.1% | |
| Q4 2022 | +1.8% | +3.4% | -4.7% | |
| Q3 2022 | -2.2% | +1.5% | +9.0% | |
| Q2 2022 | -9.2% | -9.4% | -13.9% | |
| Q1 2022 | -2.0% | -2.2% | -0.6% | |
| Q4 2021 | +1.7% | +7.4% | +11.1% | |
| Q3 2021 | +1.1% | +4.6% | +4.5% | |
| Q2 2021 | -1.3% | -0.8% | -4.1% | |
| Q1 2021 | +5.9% | +8.8% | +12.4% | |
| Q4 2020 | -10.1% | -9.1% | -4.8% | |
| Q3 2020 | +7.1% | +17.5% | +42.2% | |
| Q2 2020 | +2.2% | +0.1% | +3.2% | |
| Q1 2020 | -15.7% | -18.9% | -17.8% | |
| Q4 2019 | -4.6% | -4.8% | -26.7% | |
| Q3 2019 | -3.6% | -2.0% | -7.7% | |
| Q2 2019 | -7.8% | -11.1% | -9.8% | |
| Q1 2019 | -6.7% | -5.0% | -14.3% | |
| Q4 2018 | -8.7% | -6.8% | -7.5% | |
| Q3 2018 | +13.4% | +8.4% | +13.0% | |
| Q2 2018 | +2.7% | +3.1% | -0.4% | |
| Q1 2018 | -17.1% | -16.8% | -14.0% | |
| Q4 2017 | +8.0% | +7.6% | +5.9% | |
| Q3 2017 | -2.2% | -2.4% | -2.1% | |
| Q2 2017 | +1.9% | +0.7% | +0.9% | |
| Q1 2017 | -3.8% | -1.5% | +1.6% | |
| Q4 2016 | +2.9% | +5.6% | +2.1% | |
| Q3 2016 | -0.2% | -1.0% | -8.8% | |
| Q2 2016 | -1.2% | -1.8% | +1.6% | |
| Q1 2016 | +1.4% | — | — | |
| Q4 2015 | -0.0% | — | — | |
| Q3 2015 | +0.2% | — | — | |
| Q2 2015 | +3.7% | — | — | |
| Q1 2015 | +1.4% | — | — | |
| Q4 2014 | -4.4% | — | — | |
| Q3 2014 | +4.1% | — | — | |
| Q2 2014 | +3.7% | — | — | |
| Q1 2014 | +6.2% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | -1.9% | — | — | |
| Q2 2013 | +5.4% | — | — | |
| Q1 2013 | -2.5% | — | — | |
| Q4 2012 | -2.4% | — | — | |
| Q3 2012 | -5.3% | — | — | |
| Q2 2012 | +3.9% | — | — | |
| Q1 2012 | -2.5% | — | — | |
| Q4 2010 | +0.2% | — | — | |
| Q2 2011 | +0.2% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q3 2010 | +2.4% | — | — | |
| Q4 2009 | -3.0% | — | — | |
| Q1 2009 | -3.0% | — | — | |
| Q1 2010 | -2.1% | — | — | |
| Q2 2009 | +1.7% | — | — | |
| Q4 2007 | +1.7% | — | — | |
| Q3 2009 | -2.9% | — | — | |
| Q3 2008 | -2.9% | — | — | |
| Q4 2008 | -2.4% | — | — | |
| Q2 2008 | -2.4% | — | — |
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