Molson Coors Beverage Company (TAP) CEO Gavin Hattersley on Q2 2022 Results - Earnings Call Transcript

Molson Coors Beverage Company (NYSE:TAP) Q2 2022 Results Conference Call August 2, 2022 11:00 AM ET

Company Participants

Greg Tierney - Vice President of FP&A and Investor Relations

Gavin Hattersley - President and Chief Executive Officer

Tracey Joubert - Chief Financial Officer

Conference Call Participants

Kevin Grundy - Jefferies

Eric Serotta - Morgan Stanley

Nadine Sarwat - Alliance Bernstein

Bryan Spillane - Bank of America

Chris Carey - Wells Fargo

Kaumil Gajrawala - Credit Suisse

Andrea Teixeira - JPMorgan

Vivien Azer - Cowen

Lauren Lieberman - Barclays

Steve Powers - Deutsche Bank

Rob Ottenstein - Evercore

Peter Grom - UBS

Operator

Good day, and welcome to the Molson Coors Beverage Company's Second Quarter Fiscal Year 2022 Earnings Conference Call. You can find related slides on the Investor Relations page of Molson Coor's website. Our speakers today are Gavin Hattersley, President and Chief Executive Officer; and Tracey Joubert, Chief Financial Officer.

With that, I'll hand over to Greg Tierney, Vice President of FP&A and Investor Relations to begin. Greg, 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 1 question. If you have more than 1 question, we'll answer your first question and then ask you to re-enter the queue for any additional or follow-up questions. 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 and also 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.

With that, over to you, Gavin.

Gavin Hattersley

Thanks, Greg. In the second quarter of 2022, we achieved our expectations and continued to execute our revitalization plan, despite a soft industry, global inflationary pressures and Quebec labor strike at our Montreal brewery. Globally, we have now recorded revenue growth on a constant currency basis. Molson Coors grew dollar share in the U.S. in the 13-week quarter, both of which have not been achieved in over a decade. What’s more, we’re 1 of only 2 major beer companies to achieve dollar share growth in the 13-week time frame.