Molson Coors Reaffirms Key Financial Guidance for Full Year 2021 and Provides an Update on the Impact of the Cybersecurity Incident and Texas Storms
GOLDEN, Colo. & MONTREAL–(BUSINESS WIRE)–Molson Coors Beverage Company (NYSE: TAP; TSX: TPX) today reaffirms key financial guidance for full year 2021 and provides an update on the impacts to its business resulting from the systems outages caused by a cybersecurity incident previously disclosed on March 11, 2021 as well as the eleven-day closure of the Fort Worth, Texas brewery caused by the winter storms in February 2021. Molson Coors has made substantial progress in restoring its systems following the recent cybersecurity incident. Globally, all breweries are currently producing and shipping products, and are ramping up to near normal operating levels. Despite this progress led by the significant efforts of the Molson Coors team, along with the support of leading forensic information technology firms and other advisors, the Company has experienced and continues to experience some delays and disruptions in its business, including brewery operations, production and shipments in the U.K., Canada and the U.S. Additionally, the cybersecurity incident was preceded by an unprecedented February winter storm in Texas that forced local government authorities to impose energy restrictions, causing the Fort Worth brewery to be offline for eleven days. Lastly, the ongoing on-trade shutdowns in the U.K. due to the coronavirus pandemic continue to be a challenge. All three of these events will negatively impact first quarter 2021 financial results.
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