Pricing and Cost Savings Help Molson Coors Weather Challenging Industry Dynamics in 2Q
We think narrow-moat Molson Coors' second-quarter results indicate improving top-line trends, as net sales decreased just 0.2%, versus a mid-single-digit decline in the first quarter. While continued weakness in the U.S. and Canada led worldwide brand volumes to fall 2.4%, we were pleased to see volume recovery in the Europe (up 2.9%) and international (up 0.6%) segments. Despite these lower volumes, and subsequently deleveraged manufacturing costs, as well as further cost pressures (freight and...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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