Molson CEO: 'We Know How To Operate In The Middle Of A Pandemic'
The start of 2020 was a tough period for beer maker Molson Coors Beverage Co (NYSE: TAP), but the sentiment has improved in recent months, CEO Gavin Hattersley said Wednesday morning on CNBC's "Squawk Box."
What Happened: Molson's management had to adapt quickly and figure out how to efficiently move its products from its breweries to customers at home, the CEO said. The company in a better position today, he said.
"We know how to operate in the middle of a pandemic and I'm feeling pretty good about where we are right now in terms of beer supply."
Related Link: Molson Coors Stock Chugs Along After Big Q3 Beat
You Can Buy Beer Online: Many people had no idea that they could buy beer online from Molson, and Molson worked hard to change that perception, Hattersley told CNBC.
The e-commerce business experienced a "huge spike" in purchasing, and the CEO said this trend should continue.
Pitch To Investors: The average price target on Molson's stock is $5 below its current levels, and most analysts rate the stock with a Hold rating, host Brian Sullivan said.
Wall Street analysts may be overlooking the fact that Molson launched a plan last year to "change the shape of our portfolio" and generate top-line growth.
"We have done that over the last year despite the pandemic," the CEO said.
Two of the company's recent accomplishments include boasting three of the top 10 new alcohol brands and signing multiple deals in to improve its premium portfolio.
The core beer brands of Miller Lite and Coors Lite are showing year-over-year growth rates of 8.8% and 6.1%, respectively.
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