Brewing company Molson Coors achieved net sales of $2.9 billion (€2.5 billion) in the third quarter of 2018, an increase of 1.8% on the same period last year.
The group, which produces Coors Light, Miller Lite, Molson Canadian, and Carling, said that driven by positive global net pricing in all segments, higher financial volume in Europe, U.S. and Canada and favourable mix in Europe, partially offset by unfavourable foreign currency movements and the adoption of the new revenue recognition accounting standard.
On a constant currency basis, its net sales increased by 2.5%.
European & International Boost
Despite its increase in sales, its worldwide brand volume decreased by 1% to 25.3 million hectolitres, as its US and Canadian operations saw their volume decrease by 3.3% and 1.4% respectively. It’s European and other International Businesses saw value increases of 2.1% and 13.8% respectively, driven by core brand performances.
"This quarter reflects progress on a number of fronts as we drive our consistent First Choice strategy of earning more, using less and investing wisely as brand volume grew in developed and developing markets outside of North America, NSR/HL grew globally, and we grew underlying EBITDA in constant currency in each of our four business units,” Mark Hunker, president and CEO, said.
"The volume growth we are seeing outside North America is driven by the consistency of our First Choice strategy, the breadth, and depth of our global brand portfolio and a positive industry.
“Europe, our second largest business unit by volume, is growing consistently and accelerating the pace of portfolio premiumisation while our International business unit, led by the Latin American markets, posted mid-teens growth due to the strong performance of our global brands.”
The guidance for the full-year 2018 remains mostly unchanged, it said, as it still expects an underlying free cash flow of $1.5 billion (€1.3 billion), plus or minus 10%.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.