- Molson Coors (NYSE:TAP) reports global beer volume of 22.0M hectoliters in Q4, down 1.5% from a year ago. Lower volume in the U.S. and Canada was only partially offset by a gain in Europe and the international business. Financial volume fell 6.5% to 21.6M hectoliters, driven by lower volume in the U.S.
- Looking ahead, Molson Coors sees underlying free cash flow of $1.4B plus or minus 10% vs. $1.47B consensus. Management reiterates a commitment to achieve about a 3.75X rating agency leverage around the middle of 2019 at which time it hopes to reinstitute a dividend.
- The company says its financial statement for 2016 and 2017 need to be restated due to accounting errors related to income taxes.
- Shares of Molson Coors are down 4.68% premarket to $62.30.
- Previously: Molson Coors Brewing beats by $0.05, misses on revenue (Feb. 12)