Molson Coors Reports 2021 First Quarter Results
Highlights and Statement from Gavin Hattersley, President and Chief Executive Officer:
Molson Coors achieved tangible progress in the first quarter against its revitalization plan, which is designed to: build on the strength of the Company’s iconic core brands; aggressively grow its above premium portfolio; expand beyond the beer aisle; invest in its capabilities and support its people and communities.
This progress serves to advance the Company’s goal of achieving long-term sustainable top-line and underlying EBITDA growth. However, in the first quarter of 2021, the Company faced three major events that had material near-term impacts on the business: a system outage caused by a cybersecurity incident, an abnormal winter storm in Texas that forced utility companies to shut off power to the Fort Worth brewery for eleven days, and government restrictions that shut down the entire on-trade channel in the U.K.
“Despite these three unprecedented and disruptive events that took place in the quarter, we continued to make progress against our revitalization plan focused on driving long-term top-line growth.
“Our iconic core of beers continue to gain strength. For example, in the U.S., Coors Light finished the first quarter of 2021 with the strongest category share performance since the first quarter of 2017, and Coors Banquet posted its best quarterly brand volume performance in over four years.
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