Brewer Molson Coors has said that it expects its net sales revenue to increase by 'mid-single digits' this year, while underlying EBITDA is expected to be 'approximately flat' on a constant currency basis.
The drinks firm reaffirmed its financial guidance for the year in a trading update ahead of its second-quarter results announcement, which will take place on 29 July.
It said that it expects to achieve a net debt to underlying EBITDA ratio of approximately 3.25x by the end of 2021 and below 3.0x by the end of 2022.
Molson Coors Reinstates Dividend Payments
The group has announced that it plans to reinstate the payment of quarterly dividends, now that it has paid off the $1 billion in 2.1% senior notes that was due on 15 July.
“Just over 18 months into our revitalization plan, we continue to execute and advance towards our long-term goal of sustainable topline growth,” commented Molson Coors president and CEO Gavin Hattersley.
“Because of the work done through our revitalisation plan, today we can reaffirm our full year guidance with confidence, while at the same time reinstating a dividend to enhance shareholder value and repaying $1 billion in bonds to continue deleveraging.”
It has declared a regular quarterly dividend on its Class A and Class B common shares of $0.34 per share, which will be payable on 17 September, to all shareholders on record as of 30 August.
Molson Coors' board had previously suspended quarterly dividend payments due in May of last year, due to the 'uncertainty related to the coronavirus pandemic', it said.
Last year, Molson Coors reported a 8.7% decrease in revenue, to $9.65 billion. Sales on a constant currency basis were down 8.7%.
© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Drinks news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
