Molson Coors suffered a cyber security incident on March 11 that severely disrupted production and that the company is still struggling to get under control.
An announcement gave little detail about the cyberattack, other than to say that Molson Coors has made “substantial progress” in restoring normal operations and that “all breweries are currently producing and shipping products, and are ramping up to near normal operating levels.”
However, the attack, coupled with the disruption brought about by the February winter storm that shut down the Texas power grid, caused short-term disruption in production. As a result, Molson Coors will shift up to 2.0 million hectoliters of production and up to $140 million in revenue from the first quarter of 2021 to the balance of its 2021 fiscal year. Its guidance for the full fiscal year remains unchanged.
“While these obstacles will have a negative impact on our first quarter shipments and financial results, we believe the fundamentals of our revitalization plan are strong and our future remains bright,” CEO Gavin Hattersley said in a statement.