Molson Coors looks to lock in market share gains as consumers shift away from Bud Light
Publishing timestamp: 2024-02-14 09:37:15
Summary
Molson Coors, the parent company of Coors Light and Miller Lite, reported strong fourth-quarter earnings and expects to maintain its market share gains in the year ahead. The company's net sales for 2023 grew 9.3%, largely due to consumers migrating away from AB InBev's Bud Light products after boycotts began. Molson Coors returned to profit, reporting net income of $103.3 million for the quarter compared to a loss of $590.5 million in the same period last year. The CEO expressed confidence in the company's plan to maintain its leadership in the beer category, and the company invested heavily in marketing and administrative costs to achieve its gains. Some analysts remain skeptical, but others believe the company's strategy will pay off.
Sentiment: POSITIVE
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