Molson Coors Files Q2 2024 10-Q
Ticker: TAP-A · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 24545
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Molson Coors dropped its Q2 10-Q. Check financials.
AI Summary
Molson Coors Beverage Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points such as revenue, net income, and debt levels for the quarter and year-to-date are presented.
Why It Matters
This filing provides investors and analysts with the official financial results for Molson Coors, crucial for understanding the company's performance and making investment decisions.
Risk Assessment
Risk Level: medium — Quarterly filings can reveal shifts in financial health, operational challenges, or new risks that could impact the company's stock price.
Key Players & Entities
- MOLSON COORS BEVERAGE CO (company) — Filer
- 20240630 (date) — Period of Report
- 20240806 (date) — Filing Date
- GOLDEN, CO (location) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, meaning the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240806.
What is the company's Standard Industrial Classification (SIC) code?
The SIC code listed is 2082 for MALT BEVERAGES.
What is the company's business address?
The business address is P.O. BOX 4030, GOLDEN, CO 80401.
Has the company's name changed previously?
Yes, the company was formerly known as MOLSON COORS BREWING CO (name change date: 20050208) and COORS ADOLPH CO (name change date: 19920703).
Filing Stats: 4,855 words · 19 min read · ~16 pages · Grade level 7.2 · Accepted 2024-08-06 08:43:47
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value TAP.A New York Stock Exchange
Filing Documents
- tap-20240630.htm (10-Q) — 1543KB
- tapex22_2024063010-q.htm (EX-22) — 11KB
- tapex311_2024063010-q.htm (EX-31.1) — 10KB
- tapex312_2024063010-q.htm (EX-31.2) — 10KB
- tapex32_2024063010-q.htm (EX-32) — 8KB
- tap-20240630_g1.jpg (GRAPHIC) — 180KB
- tap-20240630_g2.jpg (GRAPHIC) — 79KB
- tap-20240630_g3.jpg (GRAPHIC) — 74KB
- 0000024545-24-000018.txt ( ) — 8622KB
- tap-20240630.xsd (EX-101.SCH) — 46KB
- tap-20240630_cal.xml (EX-101.CAL) — 69KB
- tap-20240630_def.xml (EX-101.DEF) — 257KB
- tap-20240630_lab.xml (EX-101.LAB) — 619KB
- tap-20240630_pre.xml (EX-101.PRE) — 439KB
- tap-20240630_htm.xml (XML) — 1234KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 5 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Cash Flows 8 Condensed Consolidated Statements of Stockholders' Equity and Noncontrolling Interests 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" 11 Note 2, "New Accounting Pronouncements" 12 Note 3 , "Investments" 12 Note 4 , "Inventories" 13 Note 5 , "Goodwill and Intangible Assets" 13 Note 6 , "Leases" 15 Note 7 , "Debt" 16 Note 8 , "Derivative Instruments and Hedging Activities" 17 Note 9 , "Income Tax" 21 Note 10, "Commitments and Contingencies" 22 Note 1 1 , "Accumulated Other Comprehensive Income (Loss)" 23 Note 12 , " Other Operating Income (Expense), net " 24 Note 1 3, "Segment Reporting" 24 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 38
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40 Signature 41 2 Table of Contents Glossary of Terms and Abbreviations AOCI Accumulated other comprehensive income (loss) CAD Canadian Dollar COGS Cost of goods sold CZK Czech Koruna DBRS A global credit rating agency in Toronto EBITDA Earnings before interest, tax, depreciation and amortization EPS Earnings per share EUR Euro FASB Financial Accounting Standards Board GBP British Pound MG&A Marketing, general and administrative Moody's Moody's Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC OCI Other comprehensive income (loss) OPEB Other postretirement benefit plans PSUs Performance share units RON Romanian Leu RSD Serbian Dinar RSUs Restricted stock units SEC U.S. Securities and Exchange Commission Standard & Poor's Standard and Poor's Ratings Services, a nationally recognized statistical rating organization designated by the SEC STWs Sales-to-wholesalers U.K. United Kingdom U.S. United States U.S. GAAP Accounting principles generally accepted in the U.S. USD or $ U.S. Dollar VIEs Variable interest entities 3 Table of Contents Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This Quarterly Report on Form 10-Q ("this report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Sales $ 3,838.1 $ 3,871.1 $ 6,887.4 $ 6,645.9 Excise taxes ( 585.8 ) ( 604.5 ) ( 1,038.7 ) ( 1,033.0 ) Net sales 3,252.3 3,266.6 5,848.7 5,612.9 Cost of goods sold ( 1,922.4 ) ( 2,047.7 ) ( 3,555.3 ) ( 3,623.3 ) Gross profit 1,329.9 1,218.9 2,293.4 1,989.6 Marketing, general and administrative expenses ( 728.5 ) ( 734.9 ) ( 1,383.1 ) ( 1,349.9 ) Other operating income (expense), net 0.1 0.2 6.4 ( 0.3 ) Equity income (loss) ( 1.9 ) 4.3 ( 2.8 ) 7.3 Operating income (loss) 599.6 488.5 913.9 646.7 Interest income (expense), net ( 51.2 ) ( 54.6 ) ( 99.6 ) ( 113.7 ) Other pension and postretirement benefit (cost), net 7.3 2.6 14.7 5.2 Other non-operating income (expense), net 4.2 4.6 ( 3.7 ) 4.8 Total non-operating income (expense), net ( 39.7 ) ( 47.4 ) ( 88.6 ) ( 103.7 ) Income (loss) before income taxes 559.9 441.1 825.3 543.0 Income tax benefit (expense) ( 134.6 ) ( 95.0 ) ( 190.1 ) ( 123.7 ) Net income (loss) 425.3 346.1 635.2 419.3 Net (income) loss attributable to noncontrolling interests 1.7 ( 3.7 ) ( 0.4 ) ( 4.4 ) Net income (loss) attributable to Molson Coors Beverage Company $ 427.0 $ 342.4 $ 634.8 $ 414.9 Net income (loss) attributable to Molson Coors Beverage Company per share Basic $ 2.03 $ 1.58 $ 3.00 $ 1.92 Diluted $ 2.03 $ 1.57 $ 2.99 $ 1.91 Weighted-average shares outstanding Basic 210.0 216.4 211.3 216.5 Dilutive effect of share-based awards 0.8 1.4 1.2 1.1 Diluted 210.8 217.8 212.5 217.6 See notes to unaudited condensed consolidated financial statements. 5 Table of Contents MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (IN MILLIONS) (UNAUDITED) Three Months Ended Six