Molson Coors Brewing (NYSE: TAP) reported Q1 EPS of $0.35, $0.02 better than the analyst estimate of $0.33. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.21 billion.

“The first quarter of 2020 was unlike any other in our company’s long history. In the early part of the quarter, we saw mounting confidence and enthusiasm for our plans and for our brands - internally and externally.”

Gavin continued, “Despite the early progress, our first quarter results were disproportionately affected by the coronavirus, a pandemic that has changed the world - not just for our business, and our industry, but for the entire global economy. Like everyone else, the full impact and what our new normal looks like going forward is still uncertain, but coronavirus has had, and will have, a material impact on our business. We will continue to navigate this challenging time by first protecting our employees and mitigating the short-term risks, and second ensuring that we position the business to compete and win in the long-term.”

GUIDANCE:

On March 27, 2020, we withdrew, in its entirety, our financial outlook for 2020 and beyond that we previously provided on February 12, 2020. We currently remain unable to provide updated detailed financial outlook. However, we have provided information as it relates to our mitigating actions as discussed above, and also note the following related to new U.S. federal income tax regulations.

On April 7, 2020, the U.S. Department of Treasury enacted final hybrid regulations implementing provisions of the 2017 U.S. Tax Cuts and Jobs Act with full retroactive application to January 1, 2018, with a few exceptions. We are currently in the process of reviewing and interpreting the finalized regulations related to their impact on our tax positions, as well as evaluating the impact on our financial statements. Based on our preliminary review of these finalized regulations, we currently expect to recognize estimated income tax expense of approximately $100 million to $200 million upon enactment in the second quarter of 2020, related to the retroactive period of January 1, 2018 through March 31, 2020, for fiscal years 2018, 2019, and the first quarter of 2020. This estimated range considers the potential impacts associated with the possible technical interpretations of the regulations that could result following a full legal analysis.

For earnings history and earnings-related data on Molson Coors Brewing (TAP) click here.