Molson Coors Brewing (NYSE: TAP) reported Q1 EPS of $0.54, $0.28 better than the analyst estimate of $0.26. Revenue for the quarter came in at $2.35 billion versus the consensus estimate of $2.23 billion.

2023 OUTLOOK:

We continue to expect to achieve the following key financial targets for full year 2023. However, inherent uncertainties still exist with beer industry softness and the impacts of continued global inflationary cost pressures.

Net sales: low single-digit increase versus 2022 on a constant currency basis.

Underlying income (loss) before income taxes: low single-digit increase compared to 2022 on a constant currency basis.

Capital Expenditures: $700 million incurred, plus or minus 5%.

Underlying free cash flow: $1.0 billion, plus or minus 10%.

Underlying depreciation and amortization: $690 million, plus or minus 5%.

Consolidated net interest expense: $240 million, plus or minus 5%.

Underlying effective tax rate: in the range of 21% to 23% for 2023.

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