Gavin on Molson Coors’ “More Cautious” Industry Tone in Q1 Earnings

Dear Client: Q1 was good for Molson Coors, but everyone on the earnings call wanted to know what will come after.   Recall, Molson Coors had a bang-up Q1, including a 5.8% depletions hike in the U.S., primarily due to core brand growth for Coors Light, Banquet and Miller Lite. They maintained their guidance of low-single-digit growth in global net sales for the year.  Despite those good results, analysts seemed very eager to try to pin down the Q1-Q2 transition in