Molson Coors reports Q2 adjusted EPS $1.66, consensus $2.15
Reports Q2 revenue $3.09B, consensus $3.1B. Molson Coors president and CEO Mark Hunter said, "In the second quarter, we continued to drive our First Choice for Consumers and Customers agenda, with laser focus on strengthening our core brands, premiumizing our portfolio, accelerating our international footprint, enhancing our customer partnerships, and driving the integration of MillerCoors and the Miller brands globally to unlock synergies and other cost savings. As a sign of progress against this agenda, our team delivered solid growth in constant currency net sales, global brand volume, underlying EBITDA, net income, earnings per share and free cash flow. Additionally, we exceeded our goals for cash generation and debt reduction in the first half of this year and have maintained our investment-grade debt ratings. Our second quarter performance was in-line with our expectations, and we remain on track to deliver our 2017 business and financial plans, cost savings targets and cash flow goals." Net sales per HL: $109.08, decreased 0.2 percent, and increased 1.7 percent in constant currency, driven by higher pricing and sales mix in U.S., Canada and Europe. Worldwide brand volume of 26.4 million hectoliters increased 2.3 percent due to strong growth in Europe and International, partially as a result of adding the Miller global brands business and also from growth in some of our core brands. Global priority brand volume increased 4.6 percent. Financial volume of 28.3 million hectoliters decreased 0.4 percent, driven by lower contract brewing volume.