Molson Coors Beverage Company (NYSE:TAP) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET

Corporate Participants

Traci Mangini - Vice President, Investor Relations
Gavin Hattersley - President and Chief Executive Officer
Tracey Joubert - Chief Financial Officer

Conference Call Participants

Bonnie Herzog - Goldman Sachs
Drew Levine - JPMorgan
Filippo Falorni - Citi
Bryan Spillane - Bank of America
Chris Carey - Wells Fargo
Rob Ottenstein - Evercore
Victor Ma - TD Cowen
Eric Serotta - Morgan Stanley
Peter Grom - UBS
Lauren Lieberman - Barclays
Michael Lavery - Piper Sandler

Operator

Good morning, and welcome to the Molson Coors Beverage Company Third Quarter Earnings Conference Call. With that, I'll hand over to Traci Mangini, Vice President of Investor Relations.

Traci Mangini

Thank you, Operator, and hello, everyone. Following prepared remarks today, we look forward to taking 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 reach out to our IR team. Also, I encourage you to review our earnings release and earnings slides, which are posted to the IR section of our website and provide detailed financial and operational metrics. Today's discussion includes forward-looking statements.

Actual results or trends could differ materially from our forecast. For more information, please refer to our risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements, except as required by applicable law.

Reconciliations for any non-U.S. GAAP measures are included in our earnings release. Unless otherwise indicated, all financial results we discuss are versus the comparable prior year period and are in U.S. dollars.

With the exception of earnings per share, all financial metrics are in constant currency when referencing percentage changes from the prior year period.

Also, share data references are sourced from Circana in the U.S. and from Beer Canada in Canada, unless otherwise indicated. Further, in our remarks today, we will reference underlying pre-tax income, which equates to underlying income before income taxes, and underlying earnings per share, which equates to underlying diluted earnings per share, as defined in our earnings release.

With that, over to you, Gavin.

Gavin Hattersley

Thank you, Traci. Hello, everybody, and thank you for joining the call.

In the third quarter, consolidated net sales revenue was down 7.8%, underlying pre-tax income was down 8.7%, and underlying earnings per share was down 6.2%. At a high level, EMEA and APAC and Canada performed strongly, but the U.S. was challenged with the macroeconomic environment contributing to U.S. financial volume down 17.9% and brand volume down 6.2%.