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    molson coors earnings call transcript


    Some of that had to do with the shift in Albany. And finally, we've got a great tasting product. In Europe, brand volumes were down more than 20% in March, driven by closures of on-premise accounts which began roughly a third of the way through the month. Thanks Andrea and good morning to you. And in Canada, Molson has launched the Raise One For Your Local to support Canadian buyers through gift cards by encouraging more virtual happy hours. And then just one follow-up on Coors Seltzer, tough time of the year to bring in a new product.

    Maybe you could talk a little bit about U.S. and then you mentioned international as well. Brand volume trends improved versus last quarter and last year, declining 3.8% on a trading-day adjusted basis, which is an improvement boost at both the fourth quarter and last year. Thanks, Steve.

    GAAP reconciliations for any non-GAAP, U.S -- non-U.S. GAAP measures are included in our news release or otherwise available on the Company's website at www.molsoncoors.com. Again thanks for joining us today. Returns as of 11/11/2020. And thanks, everybody, for their time and attention. And we're really building the muscle around the price and mix element of that. But certainly we've had a look at a number of inputs commodities. I mean if you think, in the U.S, and that's one.

    All earnings call transcripts on Molson Coors Beverage Company (TAP) stock.

    Tracey can answer the EBITDA ratio as it relates to the end of the second quarter on a 12-month trailing basis and where we are. And Mark, if you don't mind, if I just add. So I just wanted to ask one more question.

    Great. And we'll put our resources and focus on the growth areas of our business which is above premium. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. I think you called out the second quarter obviously has some downside risk to consensus on them, but I'm wondering if it's more on investment or if it's also top line.

    Thanks.

    In North America, net sales revenue decreased 7.9% in constant currency. Would you be ready to launch or test new products, I mean, Q4 this year when it becomes legal in Canada for beverages? Look I mean we've made a lot of progress in the last several years deleveraging and generating cash and delivering on our financial commitments. Okay. This trend was in line with our initial plans for 2020 prior to actions taken to mitigate the impacts associated with the coronavirus.

    Our next question will come from Rob Ottenstein of Evercore. And we instituted an unpaid leave program for any employee who doesn't feel safe coming to work. Yeah. For us, this has been more pronounced for the 12-ounce tall slim can and then also the strong success of Vizzy and Blue Moon LightSky that has also added to the pressure. Thank you, Mark.

    And finally before I hand the call back to Gavin a comment regarding the remainder of the year.

    Now as you contemplate full year 2019, keep in mind that we recently rescheduled our Albany brewery system implementation from Q1 to post this selling season, which will impact STW saving. Now there's much still coming given some of the actions which national governments are taking in terms of support for the -- for unemployed folk, but we haven't seen that to date. We've -- the thank you pay bonus for example will be, will be removed at a point in time when we believe it is, it is appropriate. Stock Advisor launched in February of 2002.

    Cumulative Growth of a $10,000 Investment in Stock Advisor, Molson Coors Brewing Co (TAP) Q1 2019 Earnings Call Transcript @themotleyfool #stocks $TAP, Molson Coors Brewing Co (TAP) Q3 2020 Earnings Call Transcript, Molson Coors Has More than Coronavirus Issues, How COVID-19 Has Flattened Molson Coors' Business, Copyright, Trademark and Patent Information. NSR and mix versus our prior estimates and expect those trends to continue at least through the end of the year and in particular in the second quarter.

    Mark David Swartzberg -- Vice President of Investor Relations. And as we intimated in the prepared remarks, we increased our spend buy in Coors Light and Miller Lite. I hope that answers your question. So that's the framework that we have used, are using and will continue to use. So with that, I'll turn it over to you Gavin. Greg Tierney - … Barclays will be hosting a meeting in Milwaukee with Tracey and Gavin and other members of our leadership team next week. We are reducing 2020 capital expenditures by approximately $200 million.
    Certainly, as we come through the second quarter, I think one of the things, as I look at some of the consensus numbers, I think COGS is understated relative to our guidance. And actually, that's where we've got stability for the last 3, 4 quarters. We expect 2019 capital spending of $700 million plus or minus 10%.
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    Thanks, Andrea. See you at the top!

    We will now begin the question-and-answer session. And despite the fact that it's a small quarter, I mean, it's a big percentage. And the beyond beer would report in to Marino? If the question is just if EBITDA is forecast to be down mid-singles next year in this transition year. So we're particularly excited about that launch as well and our distributors have done a tremendous job in a very difficult and challenging environment getting busy onto the -- onto the floor and into the -- into the [Indecipherable] and you know as I said, we just a few weeks in, but we're very pleased with what we're seeing. We do not expect them to fully offset the loss of the on-premise volume. Bryan that's correct. Molson Coors Brewing Co (TAP) (TAP.A) Q1 2020 Earnings Call Transcript TAP, TAP.A earnings call for the period ending March 31, 2020. To help give you a sense of how we've been impacted, based on 2019 numbers, approximately 17% of our North American NSR comes from the on-premise. So, I could be wrong. You did not -- stock's obviously underperformed. I think, Andrea. Good morning. And is that something that is more than a one year item? We also had the Thankyou Pay, which we had a portion of that in the COGS line, and then offsetting that, the favorable resolution to the property tax appeal was just under 100 basis points and then obviously we had favorability coming from cost savings as well. So just to cover them again brands like Blue Moon Black Sky. One is, we have suspended production of slower moving products packaged in the 12-ounce cans, so that we can fulfill our faster moving packs and we've had to adjust the orders from wholesalers for some packages to balance supply levels across the country.

    See you at the top! You've seen very consistent progress, particularly in our European business. I just want to kind of go back to a couple of big topics. Thanks for your time and attention.

    I'm getting a lot of mixed messages on that front. The only thing I'd add to that Sean is obviously that which we know about and we do hedge and we do have freight programs that which we know about is built into our EBITDA guidance. But the majority of seltzer, hard seltzer sourcing and it's coming from outside of beer, which is very positive for the beer category and beer segment.

    Where do you see leverage going?

    In a lot of industries, the promotions have been reduced significantly, is that happening in the beer industry as well? [Operator Instructions] After today's presentation, there will be an opportunity to ask questions.

    And the other thing that's different is over the last few years we've made a lot of progress in deleveraging generating cash and delivering on our financial commitments. I mean is there any way to quantify what continuing overhang there would be in Q2? Just qualitatively on the restructuring and the reorganization efforts. But I think that ideas and breakthrough marketing and breakthrough innovation will lead the charge and we intend to be at the forefront of that. We also expect to be able to invest more in whitespace and beyond beer opportunities. Please proceed with your question. So how are you guys thinking about managing your own shelf space to ensure that this innovation is incremental? We made sure that we prioritize that spend behind our big trusted core brands like Blue Moon and Miller Lite and Coors Light. As a result, underlying EBITDA increased 2% in constant currency.

    We continue to invest and maintain momentum with our iconic core brands, including continued positive share of segment trends for Miller Lite and Coors Light in January and February. We preserved our marketing firepower for comp [Phonetic] when we expect it would have the most impact. Do you just want to comment on our ratio for the... Yeah. And some of that's to do with phasing and timing in our business. Certainly our forecasts are that the above-premium segment will continue to grow. I hope this find you in a healthy shape. Thank you very much. The second part was your -- our economy portfolio performance. So more to come on that front as we design the incentive with our comp committee. I think your volumes in the U.S. in the above premium is only about 10%. As a result, we have determined not to reinstate guidance at this time. Regarding any non-U.S. GAAP measures that maybe discussed during the call, please visit the company's website at www.molsoncoors.com and click on the Financial Reporting tab of the Investor Relations Page for a reconciliation of these measures to actual -- to the nearest U.S. GAAP results. MG&A increased 3.3% driven by cycling a net benefit from the amicable resolution of a vendor dispute in a prior year partially offset by the incremental cost reductions related to the restructuring program initiated in the third quarter of 2018.

    So nothing unusual here. Yes. And importantly, continuing to strengthen our business and use of cash to pursue other brand led growth opportunities. This decline was driven by unfavorable shipment timing in the US, including brewery downtime associated with the Milwaukee tragedy and lower contract brewing volume coupled with estimated net sales returns and reimbursement of $19 million, driven by our keg return program. Thanks much. So anything you could elaborate on there or a sense yet of cash component of that, whether it's in the second quarter or through the year? you still have about $900 million in the credit facility that you could draw. And under our revitalization plan we can execute big campaigns for our iconic brands without having to sacrifice our efforts to premiumize and modernize our portfolio. Returns as of 11/11/2020. Thanks, Mark.

    Stock Advisor launched in February of 2002. Bonnie Herzog -- The Goldman Sachs Group, Inc. -- Analyst. Fred, back to you. Following prepared remarks from Gavin and Tracey, we will take your questions. The brand is redefining the iconic Miller Time slogan for a new generation of legal-age drinkers connecting them to Miller Lite in a fresh way that we haven't done before. Thanks. We've seen what can happen when you bring breakthrough innovation. So we just commissioned the Chilliwack Brewery up in the Vancouver area we've broken ground on the Montreal brewery. Looking at our brands, our commitment to energizing our core brands is paying off. Look, I think we can say that our global brand volumes did sequentially improve. And then if I could just ask a second question, I mean clearly, as you said you're making great progress with the transformation plan, we're seeing it in the COGS that we just talked about.

    The seltzer category is a fine example of that. Thank you, Gavin, and hello, everyone. Certainly. Underlying EBITDA decreased 11.9% in constant currency, due to lower financial volume and favorable mix and COGS inflation, partially offset by lower MG&A, cost savings in COGS and net pricing growth. So just to understand your fixed cost and expense ratio going forward. And thanks for the questions. Ball has been a tremendous partner of us during this pandemic, Bonnie.

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