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Dear Client: Rahul Goyal’s first earnings call as Molson Coors CEO went well over an hour, wherein Rahul fielded questions on their impairment charge in the quarter, potential M&A, his mandate from the Board, and more. Let’s dig in. In the quarter, the company recorded an eye-popping non-cash partial goodwill impairment charge of $3.6 billion, and non-cash intangible asset impairment charges of $274 million. Naturally, callers wanted to know more. BofA Securities’ Peter Galbo asked: What happened? Rahul acknowledged “a
Molson Coors Q3: U.S. Depletions Down 4.9%, Guidance Tightened to Low End
Dear Client: Molson Coors Q3 earnings (for the three months ended September 30) just hit, and U.S./Americas results generally looked better than the comps*: U.S. depletions were down 4.9%, impacted by the macroeconomic environment resulting in industry softness as well as lower share performance, the company said. Americas shipments were down 6.5%, primarily due to lower depletions “and an approximate 3% impact from lower contract brewing volume resulting from the exit of a contract brewing arrangement in the U.S. [Pabst]
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