Molson Coors Brewing (NYSE: TAP) reported Q2 EPS of $1.78, $0.16 better than the analyst estimate of $1.62. Revenue for the quarter came in at $3.27 billion versus the consensus estimate of $3.28 billion.

2023 OUTLOOK

We are raising our 2023 key financial guidance metrics to reflect the continued strength we are seeing in our core brands in the U.S. while remaining mindful of the softness in the beer industry and continued caution around the consumer.

Net sales: high single-digit increase versus 2022 on a constant currency basis from our previous guidance of a low single-digit increase.

Underlying income (loss) before income taxes: 23%-26% increase compared to 2022 on a constant currency basis from our previous guidance of a low single-digit increase.

Underlying free cash flow: $1.2 billion, plus or minus 10% from our previous guidance of $1.0 billion, plus or minus 10%.

Consolidated net interest expense: $225 million, plus or minus 5% from our previous guidance of $240 million, plus or minus 5%.

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