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Molson Coors Beverage Co. withdraws 2020 fiscal year guidance amid COVID-19

MONTREAL — Molson Coors Beverage Co. says it is withdrawing its financial outlook for the 2020 financial year and beyond due to uncertainty about the impacts of the ongoing COVID-19 outbreak. The company released its guidance on Feb.
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MONTREAL — Molson Coors Beverage Co. says it is withdrawing its financial outlook for the 2020 financial year and beyond due to uncertainty about the impacts of the ongoing COVID-19 outbreak.

The company released its guidance on Feb. 12, and its outlook for the 2020 year included a flat to low-single digit decrease of net sales revenue on a constant currency basis.

CEO Gavin Hattersley says in a statement that this is a challenging time for the company and the world, and his priority is to ensure employees' safety and the stability of the business.

Molson Coors announced several initiatives in this vein, including asking employees able to do so to work from home and implementing a paid leave program for high-risk individuals that gives them 60 per cent of their regular wages.

The company also says it will pay a bonus to salaried and hourly, brewery and distribution employees who can not work from home.

Hourly brewery employees will receive an extra $5 every hour, including any overtime pay, while salaried brewery employees will receive a bonus of $200 weekly.

This report by The Canadian Press was first published March 27, 2020.

Companies in this story: (TSX:TPX.B)

The Canadian Press

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