TPX.B:CC - Molson Coors Beverage Company (TAP) Q4 2023 Earnings Call Transcript
2024-02-13 15:42:04 ET
Molson Coors Beverage Company (TAP)
Q4 2023 Earnings Conference Call
February 13, 2024 11:00 AM ET
Company Participants
Traci Mangini - Director, Investor Relations
Gavin Hattersley - President & Chief Executive Officer
Greg Tierney - Vice President of FP&A, Commercial Finance & Investor Relations
Conference Call Participants
Andrea Teixeira - JPMorgan
Bonnie Herzog - Goldman Sachs
Bryan Adams - UBS
Robert Ottenstein - Evercore ISI
Filippo Falorni - Citigroup Inc.
Nadine Sarwat - Bernstein
Bill Kirk - Roth MKM
Christopher Carey - Wells Fargo Securities
Eric Serotta - Morgan Stanley
Robert Moskow - TD Cowen
Brett Cooper - Consumer Edge Research
Presentation
Operator
Good day, and welcome to the Molson Coors Beverage Company Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. You can find related slides on the Investor Relations page of the Molson Coors website.
With that, I'll hand it over to Traci Mangini, Director, Investor Relations.
Traci Mangini
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 the IR department in the days and weeks that follow.
Now 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. GAAP reconciliations for any U.S. or non-U.S. GAAP measures are included in our news release. Unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period in U.S. dollars and in constant currency when discussing percentage changes from the prior year period. Also, U.S. 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 on the condensed consolidated statements of operations.
With that, over to you, Gavin.
Gavin Hattersley
Thank you, Traci, and thank you, everybody, for joining us today. Before we get started, I want to mention that Tracey Joubert, our Chief Financial Officer, is unable to attend today. We moved our earnings date earlier this year, so I didn't conflict with CAGNY and Tracey had a very long-standing family commitment at this time. So Greg Tierney, our Vice President of FP&A Commercial Finance and Investor Relations, will be filling in on her behalf for this earnings call, and you'll see Tracey next week at CAGNY.
At the start of last year, no one, absolutely, nobody could have predicted what would happen in the beer industry. We are just growing the top and bottom line of this business, and we are committed to doing it again in 2023. Since then, we increased our expectations for the full year, not once but twice. We've continued to raise the stakes and I'm proud to say that once again, we have delivered what we said we would.
In 2023, our global net revenue grew more than 9%, and we grew our bottom line by nearly 37%. These are our highest reported dollar results on record ever, on top of the already impressive results in 2022. We've proven that Molson Coors is the kind of business that can turn itself around, deliver against its commitments and continue to grow no matter the volatility of the external environment....
Molson Coors Beverage Company (TAP) Q4 2023 Earnings Call Transcript