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Molson Coors Beverage Company Class B (TAP+0.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in net sales to $3,042.7 million from $3,298.4 million in the same quarter of the previous year, attributed to lower financial volumes and unfavorable foreign currency impacts.
Cost of goods sold for the quarter was $1,840.2 million, representing 60.5% of net sales, compared to 59.2% in the same quarter of the previous year, driven by volume deleverage and cost inflation.
Gross profit for the quarter was $1,202.5 million, down from $1,346.2 million in the previous year, impacted by lower volumes and higher cost of goods sold per hectoliter.
Marketing, general, and administrative expenses decreased to $684.7 million from $746.8 million, reflecting lower marketing investments and incentive compensation expenses.
Net income for the quarter was $228.8 million, down from $431.6 million in the previous year. Net income attributable to Molson Coors Beverage Company was $199.8 million, compared to $430.7 million in the previous year.
Cash provided by operating activities was $1,415.8 million, while cash used in investing and financing activities was $530.3 million and $744.8 million, respectively.
Molson Coors had total assets of $26,635.3 million as of September 30, 2024. The company continues to focus on premiumizing its portfolio and expanding beyond beer.
The filing details the company's acquisition of a 75% equity interest in Blue Run Spirits, Inc., and the wind down or sale of certain U.S. craft businesses.
Molson Coors does not anticipate any significant changes in its liquidity position and believes its cash and cash equivalents, along with cash flows from operations, will be adequate to meet its ongoing operating requirements.
The company identified no material changes to its risk factors and continues to monitor the impact of macroeconomic conditions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Molson Coors Beverage Company Class B quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.