Molson Coors' Focus on Above-Premium Fare Should Help Offset Secular Volume Declines in the U.S.
Narrow-moat Molson Coors posted weak top-line performance in the fourth quarter (declining 5%) that led full-year sales to fall short of our estimates, down 2% versus our roughly flat expectation. However, the firm's cost-saving initiatives, coupled with solid pricing (with net sales per hectoliter increasing 0.9% on a financial-volume basis), helped it withstand ongoing input cost inflation, with full-year adjusted EBITDA margin holding steady around 23%, comparable to our expectation. The firm...Molson Coors Brewing is a holding company. Through its subsidiaries, the company is a brewer and has a portfolio of brands, including Blue Moon, Coors Banquet, Coors Light, Miller Lite, Staropramen, Carling, Molson Canadian and other brands, as well as craft and specialty beers such as Creemore Springs, Cobra, Doom Bar, Henry's Hard and Leinenkugel's. The company's segments include: MillerCoors LLC operating in the U.S.; Molson Coors Canada operating in Canada; Molson Coors Europe operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International operating in various other countries.
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