Gavin, you, and hello, Thank everyone.
For another net revenue quarter and sales third growth. the we quarter, of delivered pretax underlying
three line expected, but end account, to of for a pretax global performance. our maintaining our to headwind guidance growth lower on We continue currency bottom all we into do major as underlying quarter, shareholders. financial the resilient and And the and in challenging Despite continue to net and Eastern remained while returned Central reduced to consumers our there third macro debt, our softness global our key we overall we be be high this in European expect now XXXX softness, basis single-digit in constant markets Taking income inflationary are industry cash a invest in We the environment business. our pressures saw at business. we range.
discuss in results and our third On impacted meaningful reported the we constant consider impacted million. basis, net on While a was to is our by of quarter currency basis, also strong our U.S. was quarter. sales it to the dollar, the million, relevant the revenue income currency underlying a business $XX performance pretax $XXX a impact which was by negatively reported negatively headwind
discuss on we Before I our to recovery. some our wanted context provide performance, on-premise quarterly
total recovered Our level. XXXX third to quarter on-premise has nearly fully revenue
the However, U.S., at revenues, in the by the total see since variations we on-premise XXXX map on can XX% market. pandemic. reached Slide the the there highest X, looking of In are
XXXX been levels. where basis Canada, The improve in While sequential restrictions on on-premise but to a severe. continued have to not has more returned on-premise
second revenues. quarter, However, the in total well the similar U.K., on-premise exceeded the to XXXX
outlook. Now our through I'll our performance take and quarterly you
down X. were Turning volumes strong favorable revenue was Slide the global volume driven volumes essentially flat. APAC labor and on to X.X%, both in X.X%, net increased grew volumes. continued in hectoliter driven Net by increased strike, financial business brand were impact while Consolidated and pricing due units. resolved and by mix brand pricing financial sales sales America mix. were sales of basis on sales June, Quebec positive the to U.K. shipments per EMEA strong net Consolidated net across global higher which a
quarter. to As a the pressures continued inflationary headwind expected, be in
input per on inflation mix. cost and see drivers XX%. materials, than hecto biggest costs. of transportation underlying can Slide increase and you were two The the two-thirds energy XX, inflation comprised As to higher COGS increase included more Cost and
due a in Our a which in XXX positive mix premiumization, of drove but was terms the gross points margin. roughly of and terms increase is of negative COGS, basis to
levers, multiple inflation and to a While headwind, savings including to our significant continue remains deploy we our programs and cost premiumization mitigate pricing, judicially the help hedging impact.
years, we program longer our nature than as guardrails and commodities hedge impact out our prices. The is to to we to and smooth programmatic pertains is of it hedging purpose As a swings over reminding approach. X it the program, in big operate worth hedging the take X opportunistic program that commodity term in is of rather more within
saw over COGS. as G&A. be when investments we spend we conversion are MG&A contributors costs quarter contracts in by which like exceeded that of take prior of marketing it situation costs quarter, easing in our the time third hedged, on impact So will that commodities, can more P&L. Marketing periods but time, that as offset certain Further, spend third and was decreased extend see investment some year as increased XXXX to material higher a exposed material cycled where the be such we than manufactured X.X% cannot also to other third-party the freight, period to higher sequential levels. lower
strong innovations to provide costs, to Simply the G&A company entertainment cycling year as increased launch the increased U.S. continue and the costs in in of included our behind well G&A and support including income, core people-related as which expenses prior at and brands period. Yuengling legal due new was commercial Spiked. travel We equity
our look at by business Now our results let's take a units.
to above by sales single-digit XX. Brand on Net Latin declines domestic hectoliter to brand grow brand increased. volumes SKU X.X% portfolio Americas also up pricing net a X.X%, single-digit a that U.S. increased program U.S. lesser per offset and in performance. in in X% the and brands to industry brand premium while degree, by economy decreased approximated by from revenue declines volumes slide, quarter. net by U.S. pricing benefiting X.X%, U.S. volumes and lower our Americas brands. shipments the the by declines driven growth low due and driven mix, Quebec strongly, trends largely increased brand brand continued in rationalization pricing financial U.S. Slide the as due and the double which digits The And growth the Canada, Turning Americas premium positive low decreased financial were driven net X.X%. X.X%, the favorable volumes. Conversely, sales to to increased volume high basis in America volume brand strong drove volume mix. performance. and Americas, of in two markets largest can see you Canada premiumization for partially
COGS increased per XX.X%. the side, cost underlying On Americas hectoliter
were and results, spend. as As with our from including costs decreased premiumization. mix MG&A inflation impacts energy consolidated the driven well drivers primary lower higher X.X%, transportation materials, as by marketing
but As I to control consolidated as mentioned, marketing U.S. lower same for mentioned due of G&A drivers increased discussed we and the strongly supported related result sales marketing the and earlier. national phasing. launch spend the of spend national media I a Simply overall Spiked, to G&A declined alliance
a As increased Americas XX.X%. underlying result, pretax income
Madri demand grew pricing Western strong, declines Ukraine higher remains factor and Russia per favorable brand net Slide strength volumes. weakened and increased on inflationary higher and offset in Turning pressures revenue Financial to XX.X% driven by brand the hectoliter mix. Net the was as to APAC sales favorable volume premium like in by partially basis sales was positive EMEA with by net war where due and above volumes a and Eastern by to Central volumes volumes, X.X% as brands financial brand Europe. mix. to due in net XX. driven APAC volume up in brand This Europe, X% and on our EMEA driven growth geographic higher sales due positive pricing along mix well demand
increased the we increased premiumization. investments side, inflation underlying as XX.X% Staropramen drivers G&A fueling especially year. COGS Carling, prior cost Similar relative accelerated MG&A in the in and brands, Americas, we market U.K. strength. increased and XX.X%. cost the behind mix and on-premise hectoliter supporting the premium Madri above and also cycled champion to On lower as our national from spending with per the
a EMEA income these APAC, declined costs, underlying of As higher result and pretax XX.X%.
to XX. Turning Slide
X to a partially same offset income, by lower months million year, and $XXX underlying due This million the the lower and to year of cash deferral flow expenditures decrease for higher payment pandemic year. programs various related the from tax capital was period net of last the Our pretax taxes. cash underlying repayment was first $XXX free of prior the primarily
target and pre-pandemic $X.X XXXX, Our cash since and And our approximating period, of line an drive allocation expenditure levels our a net with end quarter from rate levels. this billion, December reduce paper at improved ended which to and XX-month of of notable capital sustainability net times remain year, expanding return We the X on with commercial business underlying and increase down months outstanding. in we're expenditures it's and remain support of of to our goals. X annual first production $XXX our approaching the the the with million interest program. trailing of all below shareholders. net $XXX were debt debt ratio top of efficiencies rates. environment, invest paid expectations quarter deliver efficiencies, prior help capacity year million substantially debt in that to the and to times. rising priorities Capital line to $XXX growth XXXX. fixed debt the In our is Capital for million XX, million us nearly by ended EBITDA $XXX of capabilities We X.XX our focused
cash program, In shares B paid per we million essentially we A quarter, $X.XX during employee stockholders. anti-dilution for an returning paid share of cash terms And Class to to share of program repurchase quarterly a XXX,XXX is and shareholders under equity our $XX.X which of approximately third dividend the holders grant. common for annual
while headwind at results our which note please fourth that experienced the growth you XX. quarter rates current in year-over-year can see U.S. dollar. will generate quarter reported the levels of exchange we outlook, similar we And our in relative currency, rates strength start due what to a third to discuss in Now let's constant the Slide on
guidance are cash net we our mid-single-digit single-digit plus of growth underlying reaffirming of XX%. pretax or $X billion, high underlying XXXX, For flow free sales income growth revenue and minus
Based lower to for we cost weakening the quarter income constant the in on However, demand approximately at XX%, Europe, the and would underlying at end annual be pretax given of guidance, pressures and a inflationary the growth the increased the growth our be income pretax range. in Central range. to expect underlying imply lower of to Eastern currency range of expect fourth XX% this we basis, on and end
continue significant continue the From lower of Europe. But the inflation COGS to point with due depreciation, Now offsetting you expect the help line impacted we expect costs, that to let the APAC. in rationalization. particularly timing Eastern now Also, by of the margins the demand program comparisons is drivers acceleration me guidance. costs of from our pricing And we already have and World walk through shipment Canada and quarter. in of reaffirmed our pressures will offset in Central has quarter, some some to in expect drivers projects full a U.K. some like cost assumptions why be inflationary EMEA the of understand capital These of and to the movements. weighted fourth Gavin economy and in easing we our lapped exchange tournament. to view, impact the U.S., savings and headwind fully our discussed be the commodity SKU by are the Cup foreign weakened to partially we in have we which fourth top
marketing. Turning to
year continue the in period. the quarter spend be We fourth compared expect to prior to down to overall
against is with comfortable prior when are investment, our exceeded investment year marketing level levels. XXXX marketing of which period We planned comparing the
guidance, are pressure in ad to to right first and not putting committed than our years. Super out innovations, our commercial Looking the key we while to any remain including behind brands provide prepared core XX official we XXXX, more Bowl
to plus of In interest we X%. terms expense of minus million, our continue other guidance $XXX or metrics, expect net
X% amortization to of XX% range minus underlying of underlying $XXX range guidance And depreciation from plus reasons lowering tax million to or $XXX are minus million, or to our of our our plus we we are our previous prior effective X% and XX%. a rate the to mentioned. from guidance XX% for I lowering just XX% However,
quarter So a in closing, growth we did so of macro and put another in environment. up challenging
our navigate goal across dynamic macro ability in line we business and in staying operational And While of manage through and your strong financial and all bottom to the these our to near-term confident flexibility, with our we top enhanced remain uncertain and segments sustainable to plan, our have long-term the challenges questions. growth. under greatly revitalization business built that, times remain answering investing forward our while look towards we with and Operator? challenges course brands
