June 14th, 2024

Molson Coors reports higher sales in its latest quarter amid net loss

By The Canadian Press on February 21, 2023.

Molson Coors products Molson beer, left, and Coors Light beer are displayed in Walpole, Mass., on November 28, 2017. THE CANADIAN PRESS/AP, Steven Senne

MONTREAL – Molson Coors Beverage Co. reported a net loss US$590.5 million in its latest quarter, down from a profit of US$80 million in the same period a year ago.

The brewer, which reports in U.S. dollars, says its results amounted to a loss of US$2.73 per diluted share in the fourth quarter, compared with a profit of 37 cents a share in the same quarter last year.

The Colorado and Montreal-based company says the loss was due to a non-cash US$845-million partial goodwill impairment charge during the three months ended Dec. 31.

Molson Coors says its underlying net income was US$281.9 million or US$1.30 per diluted share during the quarter, compared with US$176.2 million or 81 cents a share in the same period of 2021.

Net sales were US$2.63 billion in the company’s latest quarter, up 0.4 per cent from US$2.62 billion a year ago.

The company also declared a quarterly dividend of 41 cents per share to be paid on March 17 compared with the quarterly payments of 38 cents per share it made in 2022.

Molson Coors CEO Gavin Hattersley say the company is healthier than it has been in many years and has a strong trajectory.

“We have delivered our seventh consecutive quarter of top-line growth on a constant currency basis, driven by the strength of our core brands and growth in our above premium portfolio,” he said in a statement on Tuesday.

This report by The Canadian Press was first published Feb. 21, 2023.

Companies in this story: (TSX:TPX.B)

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