Molson Coors Beverage Warns Of Q3, FY20

(RTTNews) - Molson Coors Beverage Co.(TAP, TPX.TO) said that, as a result of uncertainty caused by the COVID-19 pandemic, along with the growing risk of a return of shutdowns in certain markets, it currently continues to expect a significant adverse impact to both net sales and profit performance for the third quarter and fiscal year 2020, and, possibly, beyond.

In March, the company withdrew its financial outlook for 2020 and beyond that it previously provided in February. It currently remain unable to provide an updated detailed financial outlook, the company said.

The U.S. Department of Treasury recently enacted final hybrid regulations which impact tax positions the company took in 2018 and 2019 and have resulted in additional income tax expense of about $135 million recognized during the second quarter of 2020. The impact of the finalized regulations could result in cash tax outflows up to this amount in 2021.

The company said it continue to analyze the potential cash impacts of the final regulations to minimize any cash outflows.