TAP - Molson Coors Beverage Company (TAP) Q1 2024 Earnings Call Transcript

2024-04-30 15:34:03 ET

Molson Coors Beverage Company (TAP)

Q1 2024 Earnings Conference Call

April 30, 2024 11:00 AM ET

Company Participants

Greg Tierney - VP, FP&A, Commercial Finance and IR

Gavin Hattersley - President and CEO

Tracey Joubert - CFO

Conference Call Participants

Bonnie Herzog - Goldman Sachs

Andrea Teixeira - JPMorgan

Bill Kirk - ROTH MKM

Peter Grom - UBS

Steve Powers - Deutsche Bank

Brian Spillane - Bank of America

Chris Carey - Wells Fargo Securities

Lauren Lieberman - Barclays

Eric Serotta - Morgan Stanley

Robert Moskow - TD Cowen

Nadine Sarwat - Bernstein

Michael Lavery - Piper Sandler

Brett Cooper - Consumer Edge Research

Gerald Pascarelli - Wedbush Securities

Presentation

Operator

Good day, and welcome to the Molson Coors Beverage Company First Quarter Earnings Conference Call. You can find related slides on the Investor Relations page of the Molson Coors website.

With that, I'll hand over to Greg Tierney, Vice President of FP&A Commercial Finance and Investor Relations.

Greg Tierney

All right. Thank you, operator, and hello, everyone. Following prepared remarks today, we look forward to taking your questions. In an effort to address as many questions as possible, we ask that you limit yourself to one question. If you have technical questions on the quarter, please pick them up with our IR department in the days and weeks that follow.

Today's discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements, except as required by applicable law.

GAAP reconciliations for any non-US GAAP measures are included in our earnings release. Unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period, in US dollars and in constant currency when discussing percentage changes from the prior year.

Also, US share data references are sourced from Circana, unless otherwise indicated. Further, in our remarks today, we will reference underlying pre-tax income, which equates to underlying income before income taxes as defined in our earnings release.

So with that, over to you, Gavin.

Gavin Hattersley

Thanks, Greg, and thank you all for joining us this morning. In the first quarter, Molson Coors once again delivered against our commitments, growing the top and bottom line while making strong progress on our acceleration plan. We grew net sales revenue by over 10%. We grew underlying pre-tax income by nearly 69%, and we drove significant margin improvement in the first quarter.

This morning, we reaffirmed our full year guidance, which Tracy will discuss in more detail shortly. To sum it up, we remain confident in our ability to grow the top and bottom line for a third consecutive year, but cautious about current trends in the industry....

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