you, and Thank Gavin, hello, everyone.
mentioned, we key Gavin again As for guidance are our XXXX. financial reaffirming annual
chain the driving we executing premiumization our delever dividend. continuing our behind inflationary to to our our impact We face progress an and brands most in to portfolio our companies, cost quarterly real which consumer business, business the strengthening our of our revitalization product on and and sheet make supply invested We headwinds had continue But plan. core while like quarter, reinstate balance results. challenges of
Consolidated let quarterly our on of to operate below Now more detail constant results from increased X% strong the through SKU primarily sales Consolidated despite brand the due due global including portfolio, revenue lower America quarter economy revenue with levels financial pre-pandemic brand higher continue volumes, over declined outlook. premiumization increased performance Net segment, volume per and deprioritization on the strong in sales on-premise which level per me basis to XXXX in as net and and in net a line XX% constant hectoliter impact growth deleverage. and input inflation, take Top an our channel to levels. volumes X.X% update you delivering mix transportation provide currency, Underlying on program. continuing currency, cost mix. down in X.X%, benefited pricing our to were costs, X.X%, the economy double-digit volume increased in largely growth, channel by driven coupled positive premiumize positive by mix driven brand a pricing, including COGS favorable X.X% currency mix. from basis, hectoliter constant brand we and Europe North third
marketing currency X.X% pressure. investment and well in due our year expenses. a been increased to marketing due core constant programs, reductions mitigate MG&A spend G&A behind in as targeted with to the was have the largely pandemic, of the period and brands some as able higher by we However, innovation parking lower to basis hedging prior on quarter robust savings our cost to which offset the inflationary Underlying
ensuring levels commercial third increased above behind and planned, pressure quarter investments strong key core quarter XXXX quarter marketing levels, innovations the and to our As we in second XXXX brands.
underlying constant these a factors, EBITDA decreased a As XX.X% on of result currency basis.
in tax a quarter rate effective Our impacted by significantly item. tax was the discrete
second issuance the settlement quarter regulations. impacted million. of the to positions You a in years. related year, U.S. following material to tax over with third several tax taken of year the discrete may recognized of expense recall tax the tax In by last we $XXX positions our regard this regulations, It previously certain quarter a with we authorities reached tax was those of tax
a tax third quarter million million, that government-sponsored of result a the for benefit months of decrease received million, discrete tax a P&L release in Underlying pandemic. decrease positions was unrecognized was As the tax related the repayment This the the taxes in in from million to to of $XXX in settlement, of cash year, had resulted of free year cash we the by benefit $XX flow the quarter. $XX including of benefit driven period. a related first programs X prior various deferral $XXX primarily the a
million behind for project programs year-end. months Montreal for by capital to prior deferral period Capital our our previously Capital capability expenditures reminder, continue first over to paid year million expenditure of announced Golden $XXX and open levels modernization program. were working we consistent such benefits was by as new the as year. impacted the relatively brewery these with expected the in comparable invest government was tax a $XXX X related in positively As the XXXX, to Brewery
net XXXX. same the period X.X% due U.S., growth for their XXXX for digits. in unfavorable not channel sequential the X.X%, from accounted the XXXX volume Latin mix the and in X% driven and with Vizzy, including the In brand hectoliter innovation SKUs, our results increased Zoa. but decreased by in sales currency X.X%, led X.X% constant North digits to compared given growing shipment in constant In in by net the third second XX% of on-premise and per due offset quarter. by brand Underlying volume XX% hectoliter of currency net positive deprioritize of X.X%, and inflation, recognition to continued equity in quarter approximately U.S. of portfolio our were U.S. Underlying revenue materials financial single volume basis. to the brewery geographic X.X% deprioritized premiumization. quarter, the on costs, brand North America Latin sales XX% growth reflecting spend and revenue approximately net as were local favorable transportation about performance Latin at third units. basis Net about trailing America Conversely, volumes deleverage was the on-premise declines ease economy by volumes non-core throughout more volume. in XX% brand net the economy on-premise the iconic in due G&A mix and mix on-premise on-premise XX% were of marketing look and a investments throughout in up as up the We driven investments packaging of pricing per lower high down growth and and compensation X.X%, the Seltzer by of brands to rationalization to approximately on to basis growth, decreased volumes in rising largely announced shipment increases was by driven driven Lite, XX% to with revenue offset as XXX levels, brand core the premium continue expense innovation while by of behind restrictions quarter, X.X%, XXXX segment. U.S. levels brand lower accounted joint marketing let's business sales volumes timing brand as cost including mix. increased to sales sales in hectoliter net In primarily Light volume in quarter. offset restrictions Now the quarter license we increase America, second Net in mix to tactical sales returned net the MG&A our brands, Chico the quarter. quarter, hectoliter the premium Economy the by net Canada, channel America. in which X.X%, per in increased double of In the X% Topo lower and increased from as improve due the easing partially was brand quarter, pricing of on-premise quarter the lower In brand and than mix, best U.S. Canada mix, venture has income. brands, restrictions. our favorable America Miller unfavorable grew declines above the experienced including sales North positive the well Hard continued higher pre-pandemic and sales on our increased segment. a decreased down positive improved as an pricing brand Yuengling volume also incentive and and net Company Coors higher and impact a volumes Canada America and per strong pricing our eased domestic
was on-premise the XXXX. in than Central channel Underlying As restrictions record constant brand the net The was on-premise the reopening currency, per was and versus geographic planned, fourth driven and sales which year. disposal driven the underlying on-premise our hectoliter XXXX. EBITDA revenue This XXXX, the U.K. we brand EBITDA decreased similar quarter sales mix above positive Europe note, higher XX.X% Top volumes the our benefited the currency related brand of from and but offset of to net of in restrictions the pre-pandemic in another investment America high fewer European revenue in the with quarter increase U.K. second in quarter. X%. levels quarters in increased channel, volumes, levels July XX% in the net Europe pricing. on packaging decline third of XX. by the in reached on period that and a portion only And also by increased reached brand, revenue currency. U.S. have to decreased basis in performance Eastern line XXXX, growth lower coronavirus India was financial of volume The in an positive constant partially constant decreased also to in increased growth of X% primarily not XX.X% compared sales business by partially marketing up X.X% portfolio. Europe on-premise North same and premium offset volumes of net first marketing volumes due as investments. by and
Turning to balance sheet. the
As maturing with announced on of $X.X X.X XXXX. with of a net that repaid EBITDA debt our in billion, third we lowered down that reduced to our XXXX, our We the we underlying On December billion strong and to cash U.S. had facility. to using we as X.Xx billion, day and commercial September full X.Xx XX, the approximately had $X ended debt borrowing $X.X notes senior combination hand. paper are capacity ratio from billion, XX, July net $X.X quarter under respectively, and XX, credit of capacity available that
our outlook. turning Now to financial
key We XXXX provided annual XXXX. reaffirming XX, originally our on guidance are again February financial
better in larger decreased impact While performance some markets, pertains remains sitting next uncertainty in we year significant restrictions ago, months. variants If this of to could are it place market. and on reminding by the are reinstated our financial than bears few over our its that coronavirus a severely a were have the we a
to year. I'll underlying additional for of some some provide Now provide context expectations the the balance
growth We deliver basis. full the for constant year a mid-single-digit to revenue sales on currency net expect
are for the months given the strongly given mix. holidays. bearing year the November quarter, U.K. prior the levels. to of channel In greater we see We to reopenings continue continue benefit should we and which have XXXX, In locked inventories to which strong down we December Canada, the been was to by progress. mentioned, the line on-premise to In trends work year in improve top expect from low which should And with lack are continue on-premise Gavin COVID, continue on-premise period. U.S., to positive typically as wholesalers, restrictions as fourth build we provide making fully Europe, prior at
Our innovations by to and XXXX, guidance Also, emerging solid against track which both continued America. Zoa, progress of our in also hard driven against billion particularly previously La imports. Colombe anticipates we annual in and our seltzers, $X Latin continued expect portfolio, gross premium ahead by strength of revenue revenue we goal discussed continue plan
We the to continue compared anticipate we Midwest to of underlying to premium deliver materials, successful line to roughly XXXX year to inflationary plan. be innovation. continued revitalization headwinds and a our packaging transportation of EBITDA against aluminum to to expected and been offset largely investment our Under investments XXXX the the be the build has for increase is to growth brands revitalization core flat continue and investments and including cost by company, top support intend as on plan, and increased strength marketing marketing
support in quarter As our higher the bet pressure as fourth supply put big and to North marketing to and Gavin commercial to brands we investment expect mentioned, up ramp quarter fourth we Europe. both than be XXXX, continue of America
and of depreciation underlying and million, expense or plus X%. anticipate to continue $XXX amortization $XXX million, of We minus net interest
benefit the to paid from in million to XX% tax year this programs pandemic. due. quarter, reminder, tax coronavirus from anticipate various of capital adjusted XXXX approximately they benefited However, in payments Also, government-sponsored XXXX, the related to become XX% as the working as the only to deferral deferral be We majority range payment have $XXX from currently discrete due we to tax third to solely previously. XX% our the rate for XX% our effective a in
Moving allocation. to capital
drive We continue and investing debt to our cash and returning to prioritize efficiencies, top line reducing shareholders. in to growth business
our plan initiatives, capabilities efficiencies growth and new prudently support and to goals. and in capacity we continue First, to to brewery improve invest and towards innovations advance modernization production sustainability
to strong rating. have desire time, grade maintain investment our Second, and, in we a upgrade
and reaffirmed financial downs yet confident product the throughout our A at expect reinstate the challenges, quarterly reaffirm are companies, strong, share September faced near-term shares dividend we continue Board underlying challenges ups net to with B target underlying as our Xx have XXXX. revenue by have this and our XX, year, decision Directors below in of end ratio believe on the such, taken that Board and of level our As despite our The determined our to proud we room we remains but to business our made through sure And position to we of quarterly against be performance July growth. our key we X.XXx a have are we but debt guidance Like revitalization annual on them. In to they common improved. sustainable debt premiumization portfolio. a the sustainable are and again. to we be quarter, the Class net and continued dividend EBITDA XXXX, for end to improve Through and path the future and And by on agility of third, most approximately of successfully face consumer is all actions of Class plan the per the EBITDA to execute the of reinstate all, declared closing, $X.XX dividend payable fundamentals on increases clear we business right manage toward to XX. have it and provides a long-term our and
forward we questions. with So that, look Operator? your to taking
