Molson Coors Hanging on to Gains, But Heavy Lifting Ain’t Over

Dear Client:  After cycling historically tough comps, resulting in U.S. depletions down almost 8% for Q2 '24, and yet still keeping guidance, Molson Coors offered just a tiny bit of extra color on the earnings call yesterday.  With tough Q2 comps over, the company has gotten over a major hump. But first-half shipments load-ins to prep for summer amid a strike mean that overshipments dynamic will "unwind" in the back half, particularly weighted toward the third quarter.  More generally, they