Molson Coors Files Q3 2024 10-Q
Ticker: TAP-A · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 24545
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
Molson Coors dropped its Q3 2024 10-Q. Check financials.
AI Summary
Molson Coors Beverage Co. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including assets, liabilities, and equity. Specific financial figures and operational details are presented within the report.
Why It Matters
This filing provides investors and analysts with the latest financial data for Molson Coors, crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: medium — As a publicly traded company in the beverage industry, Molson Coors faces market, operational, and regulatory risks that are typical for its sector.
Key Numbers
- 2024 Q3 — Quarterly Period (Reporting period for the 10-Q filing.)
Key Players & Entities
- MOLSON COORS BEVERAGE CO (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241108 (date) — Filing Date
- GOLDEN (location) — Business Address City
- CO (location) — Business Address State
- 303-279-6565 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 8, 2024.
What is the company's primary business classification?
The company's Standard Industrial Classification is MALT BEVERAGES [2082].
What is the company's state of incorporation?
The company is incorporated in Delaware (DE).
What is the company's fiscal year end date?
The company's fiscal year ends on December 31 (1231).
Filing Stats: 4,872 words · 19 min read · ~16 pages · Grade level 7.3 · Accepted 2024-11-08 16:02:05
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value TAP.A New York Stock Exchange
Filing Documents
- tap-20240930.htm (10-Q) — 1641KB
- tapex22_20240930-10xq.htm (EX-22) — 11KB
- tapex311_20240930-10xq.htm (EX-31.1) — 10KB
- tapex312_20240930-10xq.htm (EX-31.2) — 10KB
- tapex32_20240930-10xq.htm (EX-32) — 8KB
- tap-20240930_g1.jpg (GRAPHIC) — 180KB
- tap-20240930_g2.jpg (GRAPHIC) — 84KB
- tap-20240930_g3.jpg (GRAPHIC) — 81KB
- 0000024545-24-000024.txt ( ) — 9219KB
- tap-20240930.xsd (EX-101.SCH) — 51KB
- tap-20240930_cal.xml (EX-101.CAL) — 72KB
- tap-20240930_def.xml (EX-101.DEF) — 294KB
- tap-20240930_lab.xml (EX-101.LAB) — 661KB
- tap-20240930_pre.xml (EX-101.PRE) — 483KB
- tap-20240930_htm.xml (XML) — 1290KB
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 13 Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" 13 Note 2, "New Accounting Pronouncements" 15 Note 3 , "Investments" 16 Note 4 , "Inventories" 17 Note 5 , "Goodwill and Intangible Assets" 17 Note 6 , "Leases" 19 Note 7 , "Debt" 20 Note 8 , "Derivative Instruments and Hedging Activities" 21 Note 9 , "Income Tax" 25 Note 10, "Commitments and Contingencies" 26 Note 1 1 , "Accumulated Other Comprehensive Income (Loss)" 28 Note 12 , " Other Operating Income (Expense), net " 29 Note 1 3, "Segment Reporting" 29 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 31 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 45
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 46 Signature 47 2 Table of Contents Glossary of Terms and Abbreviations AOCI Accumulated other comprehensive income (loss) CAD Canadian Dollar 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 NCI Noncontrolling interest OCI Other comprehensive income (loss) OPEB Other postretirement benefit plans RON Romanian Leu RSD Serbian Dinar 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 STW 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 of 1995.
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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Sales $ 3,603.3 $ 3,905.6 $ 10,490.7 $ 10,551.5 Excise taxes ( 560.6 ) ( 607.2 ) ( 1,599.3 ) ( 1,640.2 ) Net sales 3,042.7 3,298.4 8,891.4 8,911.3 Cost of goods sold ( 1,840.2 ) ( 1,952.2 ) ( 5,395.5 ) ( 5,575.5 ) Gross profit 1,202.5 1,346.2 3,495.9 3,335.8 Marketing, general and administrative expenses ( 684.7 ) ( 746.8 ) ( 2,067.8 ) ( 2,096.7 ) Other operating income (expense), net ( 65.8 ) ( 12.7 ) ( 59.4 ) ( 13.0 ) Equity income (loss) ( 0.8 ) 5.5 ( 3.6 ) 12.8 Operating income (loss) 451.2 592.2 1,365.1 1,238.9 Interest income (expense), net ( 93.1 ) ( 48.8 ) ( 192.7 ) ( 162.5 ) Other pension and postretirement benefit (cost), net ( 26.6 ) 2.5 ( 11.9 ) 7.7 Other non-operating income (expense), net ( 0.1 ) ( 1.9 ) ( 3.8 ) 2.9 Total non-operating income (expense), net ( 119.8 ) ( 48.2 ) ( 208.4 ) ( 151.9 ) Income (loss) before income taxes 331.4 544.0 1,156.7 1,087.0 Income tax benefit (expense) ( 102.6 ) ( 112.4 ) ( 292.7 ) ( 236.1 ) Net income (loss) 228.8 431.6 864.0 850.9 Net (income) loss attributable to noncontrolling interests ( 29.0 ) ( 0.9 ) ( 29.4 ) ( 5.3 ) Net income (loss) attributable to Molson Coors Beverage Company $ 199.8 $ 430.7 $ 834.6 $ 845.6 Net income (loss) attributable to Molson Coors Beverage Company per share Basic $ 0.96 $ 1.99 $ 3.98 $ 3.91 Diluted $ 0.96 $ 1.98 $ 3.96 $ 3.89 Weighted-average shares outstanding Basic 207.2 216.1 209.9 216.3 Dilutive effect of share-based awards 0.8 1.5 1.1 1.3 Diluted 208.0 217.6 211.0 217.6 See notes to unaudited condensed consolidated financial statements. 5 Table of Contents MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPRE