- Molson Coors press release ( NYSE: TAP ): Q3 Non-GAAP EPS of $1.32 misses by $0.03 .
- Revenue of $2.94B (+4.3% Y/Y) beats by $50M and increased 7.9% in constant currency primarily due to positive net pricing and favorable sales mix resulting from portfolio premiumization.
- Total debt at the end of the third quarter of 2022 was $6,587.7M and cash and cash equivalents totaled $525.2M, resulting in net debt of $6,062.5M and a net debt to underlying EBITDA ratio of 3.13x.
- As of September 30, 2021, our net debt to underlying EBITDA ratio was 3.31x.
- Outlook: Net sales: mid single-digit increase versus 2021 on a constant currency basis.
- Underlying income (loss) before income taxes: high single-digit increase compared to 2021 on a constant currency basis.
- We expect underlying income (loss) before income taxes to be at the lower end of the range.
- We expect to achieve a net debt to underlying EBITDA ratio below 3.0x by the end of 2022.
- Underlying free cash flow: $1.0 billion, plus or minus 10%.
- Consolidated net interest expense: approximately $265 million, plus or minus 5%.
- The following targets for full year 2022 were revised: Underlying depreciation and amortization: approximately $700 million, plus or minus 5% from our previous guidance of $750 million, plus or minus 5%. Underlying effective tax rate: in the range of 21% to 22% for 2022 from our previous guidance range of 22% to 24%.
For further details see:
Molson Coors reports mixed Q3 earnings ; updated FY22 guidance