Molson Coors Beverage Company (TAP) Q1 2023 Earnings Call Transcript

Molson Coors Beverage Company (NYSE:TAP) Q1 2023 Earnings Conference Call May 2, 2023 11:00 AM ET

Company Participants

Greg Tierney – Vice President-FP&A, Commercial Finance and Investor Relations

Gavin Hattersley – President and Chief Executive Officer

Tracey Joubert – Chief Financial Officer

Conference Call Participants

Bonnie Herzog – Goldman Sachs

Kevin Grundy – Jefferies

Victor Ma – TD Cowen

Andrea Teixeira – JPMorgan

Rob Ottenstein – Evercore

Bryan Spillane – Bank of America

Steve Powers – Deutsche Bank

Nadine Sarwat – Bernstein

Chris Carey – Wells Fargo

Lauren Lieberman – Barclays

Filippo Falorni – Citi

Eric Serotta – Morgan Stanley

Peter Grom – UBS

Gerald Pascarelli – Wedbush Securities

Operator

Good day, and welcome to the Molson Coors Beverage Company First Quarter Fiscal Year 2023 Earnings Conference Call. You can find related slides on the Investor Relations page of the Molson Coors website.

Our speakers today are Gavin Hattersley, President and Chief Executive Officer; and Tracey Joubert, Chief Financial Officer.

With that, I'll hand it over to Greg Tierney, Vice President of FP&A, Commercial Finance and Investor Relations. Please go ahead.

Greg Tierney

Thank you, operator, and hello, everyone. Following prepared remarks today from Gavin and Tracey, we will take your questions. In an effort to address as many questions as possible, we ask that you limit yourself to one question. If you have technical questions on the quarter, please pick them up with our IR team in the days and the weeks that follow.

Today's discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our most recent filings with the SEC.

We assume no obligation to update forward-looking statements. GAAP reconciliations for any non-U.S. GAAP measures are included in our news release. Unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period in U.S. dollars and in constant currency when discussing percentage changes from the prior year period.

Also, U.S. share data references are sourced from Circana, formerly called IRI. And further, in our remarks today, we will reference underlying pre-tax income, which equates to underlying income before income taxes on the condensed consolidated statements of operations.

With that, over to you, Gavin.

Gavin Hattersley

Thanks, Greg, and thank you all for joining us this morning. When we reported our 2022 results, I said our ability to grow the top and bottom line was neither an anomaly nor an accident. It's the result of sticking relentlessly to a clear strategy. I also said our North Star is to deliver sustainable long-term top and bottom line growth. And while we remain cautious about the consumer outlook over the course of 2023, so far this year, we have continued to deliver.