Molson Coors Beverage Company expects its U.S. shipments to fall by 6% to 9% in the second quarter of 2026, even as the brewer reaffirmed its full-year guidance after a stronger first quarter. The expected decline is not a general group volume forecast but specifically refers to U.S. shipments, which management said will lag brand volume trends in the quarter before outpacing them again in the second half of the year.
Tracey Joubert, Chief Financial Officer of Molson Coors, said the company faced several temporary disruptions in the first quarter, including weather-related events, energy supply issues, brewery upgrades and supplier challenges. Glass supply was singled out as one of the pressure points, with remaining bottlenecks in some packaging formats. The company is also planning downtime at its Shenandoah brewery for line upgrades in the second quarter, adding to the shipment impact.
Rahul Goyal, President and Chief Executive Officer of Molson Coors, said the group is preparing for important summer consumption occasions with a major media push linked to the FIFA World Cup and America’s 250th anniversary. The company plans to support several brands across its portfolio, including Coors Light, Miller Lite, Coors Banquet, Blue Moon and Peroni.
The shipment warning comes despite a solid first quarter. Net sales rose 2.0% to USD 2.35 billion, while underlying diluted earnings per share increased 24.0% to USD 0.62. Financial volume declined 2.9% to 14.964 million hectoliters, and brand volume fell 3.1% to 15.068 million hectoliters. In the Americas, financial volume decreased 2.7%, partly reflecting weaker U.S. performance in core and value brands.
Cost pressure remains another concern. Molson Coors said the U.S. Midwest aluminum premium added approximately USD 13 million in year-on-year cost increases to first-quarter cost of goods sold. For the full year, the company continues to expect net sales to range between a decline of 1% and growth of 1% on a constant-currency basis, while underlying earnings per share are expected to fall by 11% to 15%.
The glass issue also fits into a broader packaging market under pressure. O-I Glass, a major glass container producer, recently lowered its 2026 earnings outlook, citing higher global energy costs, weaker European pricing and temporary disruptions. For Molson Coors, the key question is therefore whether short-term packaging and brewery constraints can be managed without undermining the brewer’s summer execution in the U.S. beer market.
