Molson Coors Beverage Company reported a decline in net sales and profitability for the third quarter of 2024 compared to the same period in 2023. Net sales for the three months ended September 30, 2024, were $3,042.7 million, down 7.8% from $3,298.4 million in 2023. The decrease was primarily attributed to lower financial volumes, which fell by 12.3%, driven by reduced shipments and contract brewing volumes in the Americas. However, a favorable price and sales mix contributed positively, increasing net sales by 4.5%.

Gross profit for the quarter was $1,202.5 million, a decrease of 10.7% from $1,346.2 million in the prior year. Operating income also fell significantly, down 23.8% to $451.2 million from $592.2 million. Income before income taxes dropped 39.1% to $331.4 million, while net income for the quarter was $228.8 million, a 47.0% decline from $431.6 million in 2023. Net income attributable to Molson Coors was $199.8 million, down 53.6% from $430.7 million, resulting in a net income per share of $0.96, a decrease of 51.5%.

For the nine months ended September 30, 2024, net sales were $8,891.4 million, slightly down by 0.2% from $8,911.3 million in 2023. However, net income increased to $864.0 million, up 1.5% from $850.9 million, with net income attributable to Molson Coors at $834.6 million, a slight decrease of 1.3%. The company reported a net income per share of $3.98, an increase of 1.8% from the previous year.

Strategically, Molson Coors made significant moves, including the acquisition of a 75% equity interest in Blue Run Spirits, Inc. for $77 million in August 2023, and the finalization of the buyout of Cobra Beer Partnership, Ltd. in October 2024 for $89 million. The company also recorded a settlement loss of $34.0 million related to pension plan liabilities in the third quarter of 2024.

Financially, as of September 30, 2024, total assets increased to $26,635.3 million from $26,375.1 million at the end of 2023. Cash and cash equivalents rose to $1,021.7 million, up from $868.9 million. Long-term debt increased to $6,203.0 million from $5,312.1 million, reflecting ongoing financial management strategies. The company maintained compliance with its debt covenants and reported a stable credit rating outlook.