MC Q2 Americas Trends Weaken; Outlook Unchanged

Dear Client: Molson Coors took a step back in the second quarter after improving in Q1, though the company reaffirmed its full-year outlook and said it is making early progress on its Horizon 2030 strategy. AMERICAS DEPLETIONS DOWN 5.3%, SHIPMENTS DOWN 6.4%. In the Americas, depletions declined 5.3% in Q2, a step down from the 3% decline posted in Q1. And shipments fell 6.4%, also deteriorating from Q1's 2.7% decline, with the company saying that was "primarily due to lower