Molson Coors Brewing (NYSE:TAP) reported Q1 EPS of $0.29, $0.10 better than the analyst estimate of $0.19. Revenue for the quarter came in at $2.21 billion versus the consensus estimate of $2.14 billion.
GUIDANCE:
We continue to expect to achieve the following targets for full year 2022. However, the inherent uncertainties that exist in the macroeconomic environment, including significant cost inflation, the extent and duration of the ongoing Québec collective bargaining negotiations and related strike and the ongoing coronavirus pandemic could impact our financial performance.
- Net sales: mid single-digit increase versus 2021 on a constant currency basis.
- Underlying income (loss) before income taxes: high single-digit increase compared to 2021 on a constant currency basis.
- Deleverage: We expect to achieve a net debt to underlying EBITDA ratio below 3.0x by the end of 2022.
- Underlying free cash flow: $1.0 billion, plus or minus 10%.
- Underlying depreciation and amortization: approximately $750 million, plus or minus 5%.
- Consolidated net interest expense: approximately $265 million, plus or minus 5%.
- Underlying effective tax rate: in the range of 22% to 24% for 2022.