Molson Coors has reported modest gains in its third quarter despite global supply chain challenges and transportation cost inflation.
The brewer has posted an increase in net sales revenue of 2.5% to $2.82 billion for Q3.
The owner of Miller Lite and Carling beer says the moderate rise was driven by strong net pricing, favourable brand mix from premiumisation of the portfolio, as well as positive channel mix as the on-premise continues to reopen.
Molson Coors reported a 9.8% decline in underlying (Non-GAAP) EBITDA to $642.6 million, as net sales revenue growth and lower general and administrative expenses were more than offset by increases in cost of goods sold and higher marketing spend.
Molson Coors CEO, Gavin Hattersley, said: “24 months ago, we announced a revitalisation plan to put Molson Coors on track to deliver sustainable top- and bottom-line growth, and we continue to make meaningful progress towards that goal.”
He continued: “In spite of a difficult environment, global supply chain challenges and significant inflation in the third quarter, Coors Light is growing share of the US beer category, we are premiumising our portfolio and we are driving scale beyond the beer aisle.”
“We have more work ahead but our production and our inventory levels are improving and we will continue to invest behind our growth. I remain confident that we are on track to deliver our full-year key financial guidance for 2021.”
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial