Molson Coors closed its financial year with net sales growth of 9.4% to $11.7 billion (€10.86 billion), meeting its full-year guidance.
Molson Coors saw underlying income before taxes increasing by 36.9% to $1.5 billion (€1.395 billion) on a constant currency basis.
The performance marks the company's second consecutive year of delivering both top and bottom-line growth, it noted.
The brewer added that it was 'well positioned' to benefit from the significant shifts in consumer purchasing habits, largely in the US premium segment in 2023.
The company reported close to double-digit growth in US brand volumes for Coors Light and Miller Lite.
Gavin Hattersley, president and chief executive officer of Molson Coors stated, “2023 marked the second straight year in which Molson Coors did exactly what we set out to do - grow our business. But more than that, last year we achieved the highest reported top and bottom-line figures in the history of our company.
“We plan to build on this momentum in 2024, with strong commercial plans, a powerful and supportive distributor network and the financial flexibility to reinvest in our business."
Annual Highlights
In its financial year 2023, Molson Coors achieved volume, share and net sales growth in its three largest markets.
This performance was mainly driven by its core brands with 'above premium' innovations like Simply Spiked and Madri also contributed to its results.
Brand volumes increased 2.2%, driven by a 4.4% increase in the Americas and partially offset by a 3.6% decline in EMEA and APAC.
Outlook 2024
Molson Coors expects low single-digit increase in net sales in full-year 2024 compared with 2023 on a constant currency basis.
Underlying earnings per share is expected to increase in a mid single-digit range, it added.
