- Pricing helps second quarter revenues to rise +12.1% to US$3.27bn
- Company hails strongest quarter of US net sales since Molson/Coors merger in 2005
- Raises 2023 guidance to net sales increase in high single digits
Revenue and volume increases in its three key markets helped Molson Coors Beverage Co to post a 12.1% organic net sales increase in the second quarter of 2023, prompting the company to raise its guidance for the full year.
Molson Coors highlighted the strongest quarter of US GAAP reported net sales since the merger of Molson and Coors in 2005, as revenues were buoyed by positive net pricing, favourable sales mix and higher financial volumes.
The company achieved its best quarterly brand volume trend since the MillerCoors joint venture in 2008, with Coors Light, Miller Lite and Coors Banquet all growing their volumes by double digits.
The three months to the end of June were marked by volume and sales increases in the US, Canada and the UK, with the latter boosted by triple-digit volume growth from Madri – now the company’s fourth-largest above-premium brand by volume.
Revenues in the Americas were up by +11.5% in the second quarter, while sales in EMEA and APAC grew by +14.7%. The performance helped Molson Coors to post first-half revenue growth of +10.4%, following the +8.2% uplift in the first quarter.
Molson Coors president and CEO Gavin Hattersley welcomed the “tremendous growth” and record sales performance, adding: “But make no mistake: this is not simply a measure of the three months in the second quarter. These results are a measure of the past three years and a long-term strategy that has made our brands, our supply chain and our breweries demonstrably stronger.”
While remaining mindful of the “softness” in the beer industry in the US, and continued caution around the consumer, Molson Coors raised its 2023 guidance to a high single-digit net sales increase, from its previous guidance of a low single-digit rise.
Molson Coors Beverage Co’s official Q2 results announcement.
