Rolls-Royce CEO Torsten Muller-Otvos retires after boosting sales six-fold

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Thursday, October 5th, 2023 1:55 pm EDT

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can you write me a summary of this article: Constellation Brands on Thursday reported earnings and revenue that topped analysts’ expectations for its fiscal second quarter of 2024. The Mexican beer powerhouse, owner of the Modelo Especial and Corona Extra brands, reported double-digit sales growth in its beer business as the division continues to dominate the overall beer and high-end categories. Meanwhile sales of wine and spirits lagged. The company raised its fiscal 2024 earnings per share outlook to a range of $9.60 to $9.80, up from a prior range of $9.35 to $9.65. Here’s what Constellation reported for the three months ended August 31, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $3.70 adjusted vs. $3.36 expected Revenue: $2.84 billion vs. $2.82 billion expected Constellation’s beer portfolio posted 12% sales growth, boosted by 8.7% growth in shipments. The Modelo brand family was a particular bright spot: Modelo Especial grew nearly 9%, while Modelo Chelada brands posted growth of more than 40%. Modelo Especial remains the best-selling brand in the U.S. beer category, the company said. The company’s wine and spirits brands, however, underperformed year over year. The category posted a 14% decrease in sales and nearly 8% decrease in depletions — an industry term for the number of cases sold to retailers by a distributor. The division wasn’t without its standout brands, though: Constellation’s Meiomi and Kim Crawford wine brands saw 7% and 6% depletion growth, respectively, while its craft spirit, Mi Campo tequila, reported more than 60% depletion growth. “We continue to expect solid growth acceleration and margin improvement from our overall Wine and Spirits Business in the second half,” said CEO Bill Newlands. Back in June, the company delivered an earnings beat and reiterated its forecast. In its previous quarter, beer sales rose 11% year over year driven by stable consumer demand and higher pricing.ChatGPT

Constellation Brands, the Mexican beer giant behind brands like Modelo Especial and Corona Extra, has reported strong financial results for its fiscal second quarter of 2024. The company witnessed double-digit sales growth in its beer division, maintaining its dominance in the beer and high-end beer markets. In contrast, sales of wine and spirits saw slower performance. Constellation Brands has revised its earnings per share outlook for fiscal 2024 upwards to a range of $9.60 to $9.80, compared to the earlier range of $9.35 to $9.65.

For the three months ending on August 31, Constellation’s results exceeded Wall Street expectations:

• Earnings per share: $3.70 (adjusted) vs. $3.36 expected.
• Revenue: $2.84 billion vs. $2.82 billion expected.

The beer portfolio of Constellation Brands achieved a 12% increase in sales, driven by an 8.7% growth in shipments. The Modelo brand family, in particular, performed exceptionally well, with Modelo Especial growing nearly 9% and Modelo Chelada brands experiencing growth of over 40%. Modelo Especial continued to be the best-selling brand in the U.S. beer category.

On the other hand, the wine and spirits segment showed a decline in sales, with a 14% decrease year over year and an almost 8% decrease in depletions. However, some brands within this division stood out, including Meiomi and Kim Crawford wine brands, which saw 7% and 6% depletion growth, respectively. Additionally, Constellation’s craft spirit, Mi Campo tequila, reported impressive depletion growth of over 60%.

CEO Bill Newlands expressed confidence in solid growth acceleration and margin improvement for the Wine and Spirits Business in the second half of the fiscal year. In previous quarters, Constellation Brands experienced strong performance in its beer sales, with an 11% year-over-year increase driven by stable consumer demand and higher pricing.

what are the three main key points of this article: Constellation Brands on Thursday reported earnings and revenue that topped analysts’ expectations for its fiscal second quarter of 2024. The Mexican beer powerhouse, owner of the Modelo Especial and Corona Extra brands, reported double-digit sales growth in its beer business as the division continues to dominate the overall beer and high-end categories. Meanwhile sales of wine and spirits lagged. The company raised its fiscal 2024 earnings per share outlook to a range of $9.60 to $9.80, up from a prior range of $9.35 to $9.65. Here’s what Constellation reported for the three months ended August 31, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $3.70 adjusted vs. $3.36 expected Revenue: $2.84 billion vs. $2.82 billion expected Constellation’s beer portfolio posted 12% sales growth, boosted by 8.7% growth in shipments. The Modelo brand family was a particular bright spot: Modelo Especial grew nearly 9%, while Modelo Chelada brands posted growth of more than 40%. Modelo Especial remains the best-selling brand in the U.S. beer category, the company said. The company’s wine and spirits brands, however, underperformed year over year. The category posted a 14% decrease in sales and nearly 8% decrease in depletions — an industry term for the number of cases sold to retailers by a distributor. The division wasn’t without its standout brands, though: Constellation’s Meiomi and Kim Crawford wine brands saw 7% and 6% depletion growth, respectively, while its craft spirit, Mi Campo tequila, reported more than 60% depletion growth. “We continue to expect solid growth acceleration and margin improvement from our overall Wine and Spirits Business in the second half,” said CEO Bill Newlands. Back in June, the company delivered an earnings beat and reiterated its forecast. In its previous quarter, beer sales rose 11% year over year driven by stable consumer demand and higher pricing.ChatGPT

The three main key points of the article about Constellation Brands are:

1. Strong Financial Performance: Constellation Brands reported earnings and revenue for its fiscal second quarter of 2024 that exceeded analysts’ expectations. This indicates a robust financial performance for the company during this period.
2. Beer Division Dominance: The company’s beer business, which includes popular brands like Modelo Especial and Corona Extra, experienced double-digit sales growth and continued to dominate the overall beer and high-end beer categories. Modelo Especial, in particular, saw significant growth and remained the best-selling brand in the U.S. beer category.
3. Wine and Spirits Challenges: While the beer division performed well, Constellation Brands faced challenges in its wine and spirits segment, with a notable decline in sales and depletions. However, certain brands within this division, such as Meiomi and Kim Crawford wines and Mi Campo tequila, showed positive growth. The company’s CEO expressed optimism about growth acceleration and margin improvement in the Wine and Spirits Business in the second half of the fiscal year.

can you write a summary of this article: Disney’ s ESPN has nabbed the broadcast rights to air matches from TGL, the startup golf league led by Tiger Woods and Rory McIlroy. TGL, which is in partnership with the PGA Tour, will have its debut on Jan. 9 as part of a multi-year deal. A preview show will air on Disney’s broadcast network ABC on Dec. 30. The early games of the TGL season will air near other sports events and appear on Disney’s ESPN+, a move that allows the streamer to bulk up on more live sports rights. The inaugural match will air the night after the College Football Playoff’s title game, and the second will come the following evening after an NFL wild-card playoff game. Both of the TGL matches will air on traditional TV’s ESPN and streamer ESPN+. The rest of the matches will air on ESPN’s TV networks, as well as ESPN+. The launch of the new league comes as professional golf finds itself at a major crossroads following a proposed deal between the Tour and Saudi Arabia’s Public Investment Fund-backed rival LIV Golf in June. The agreement between the PGA Tour and LIV has yet to be finalized. The Tour has attracted potential outside investors, including Endeavor Group Holdings and Fenway Sports Group, CNBC recently reported. Some of the outside investors are considering making a rival pitch to PIF’s proposal. TGL, a new primetime, high-tech golf league created by Woods, McIlroy and former NBC Sports executive Mike McCarley has attracted stars from the PGA Tour. In addition to Woods and McIlroy, other top players including Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel have committed to play. More players are expected to be announced. The PGA Tour is an investor in the new league, and the new league has said the event timing will be complementary to the players’ schedules in the Tour. Steve Cohen, billionaire and the owner of MLB’s New York Mets, is also an investor after buying the founding rights to the New York team in TGL. His team will be managed by his family office, Cohen Private Ventures. The league will feature the Tour players split into six teams, who will play two-hour, head-to-head match-play matches in a specially built arena in Palm Beach Gardens, Florida. The matches will incorporate live action as well as the latest golf technology.ChatGPT

Disney’s ESPN has secured the broadcasting rights for matches from the new golf league called TGL, led by golf legends Tiger Woods and Rory McIlroy. This partnership with the PGA Tour will kick off on January 9, with a preview show scheduled to air on Disney’s ABC network on December 30. Initially, TGL matches will air in proximity to other major sporting events and will be available on Disney’s streaming service, ESPN+, allowing the platform to expand its live sports coverage.

The inaugural TGL match is set to follow the College Football Playoff title game, with the second match following an NFL wild-card playoff game. Both of these matches will be broadcast on traditional TV through ESPN and ESPN+, while the remaining matches will be distributed across ESPN’s TV networks and ESPN+.

TGL is a new high-tech golf league created by Woods, McIlroy, and former NBC Sports executive Mike McCarley, attracting top PGA Tour players, including Jon Rahm, Justin Thomas, and more. The PGA Tour is also an investor in TGL, and the league has emphasized that its event timing will complement players’ schedules on the PGA Tour.

The league will feature six teams of Tour players competing in two-hour, head-to-head match-play matches in a specially constructed arena in Palm Beach Gardens, Florida, incorporating live action and the latest golf technology. This development in professional golf comes amid ongoing negotiations between the PGA Tour and the Saudi Arabia-backed rival league LIV Golf, which has attracted potential outside investors, potentially creating a rival proposal to LIV’s partnership with the PGA Tour.

what are the three main key points of this article: Disney’ s ESPN has nabbed the broadcast rights to air matches from TGL, the startup golf league led by Tiger Woods and Rory McIlroy. TGL, which is in partnership with the PGA Tour, will have its debut on Jan. 9 as part of a multi-year deal. A preview show will air on Disney’s broadcast network ABC on Dec. 30. The early games of the TGL season will air near other sports events and appear on Disney’s ESPN+, a move that allows the streamer to bulk up on more live sports rights. The inaugural match will air the night after the College Football Playoff’s title game, and the second will come the following evening after an NFL wild-card playoff game. Both of the TGL matches will air on traditional TV’s ESPN and streamer ESPN+. The rest of the matches will air on ESPN’s TV networks, as well as ESPN+. The launch of the new league comes as professional golf finds itself at a major crossroads following a proposed deal between the Tour and Saudi Arabia’s Public Investment Fund-backed rival LIV Golf in June. The agreement between the PGA Tour and LIV has yet to be finalized. The Tour has attracted potential outside investors, including Endeavor Group Holdings and Fenway Sports Group, CNBC recently reported. Some of the outside investors are considering making a rival pitch to PIF’s proposal. TGL, a new primetime, high-tech golf league created by Woods, McIlroy and former NBC Sports executive Mike McCarley has attracted stars from the PGA Tour. In addition to Woods and McIlroy, other top players including Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel have committed to play. More players are expected to be announced. The PGA Tour is an investor in the new league, and the new league has said the event timing will be complementary to the players’ schedules in the Tour. Steve Cohen, billionaire and the owner of MLB’s New York Mets, is also an investor after buying the founding rights to the New York team in TGL. His team will be managed by his family office, Cohen Private Ventures. The league will feature the Tour players split into six teams, who will play two-hour, head-to-head match-play matches in a specially built arena in Palm Beach Gardens, Florida. The matches will incorporate live action as well as the latest golf technology.ChatGPT

The three main key points of the article are:

1. ESPN’s Broadcasting Rights for TGL: Disney’s ESPN has secured the broadcasting rights for matches from the new golf league called TGL, which is led by golf legends Tiger Woods and Rory McIlroy. TGL is in partnership with the PGA Tour, and this deal will commence with the league’s debut on January 9, part of a multi-year agreement. A preview show will be broadcast on Disney’s ABC network on December 30.
2. ESPN’s Strategy for TGL Coverage: ESPN plans to air early TGL season games near other major sports events and will feature them on its streaming service, ESPN+. This move aims to strengthen ESPN’s portfolio of live sports rights. The inaugural TGL match will air after the College Football Playoff’s title game, with the second match following an NFL wild-card playoff game. Both matches will be broadcast on traditional TV through ESPN and ESPN+, while the remaining matches will be distributed across ESPN’s TV networks and ESPN+.
3. The Emergence of TGL and Its Impact on Professional Golf: TGL, a new primetime, high-tech golf league created by Woods, McIlroy, and former NBC Sports executive Mike McCarley, has attracted top PGA Tour players, including Woods and McIlroy, as well as Jon Rahm, Justin Thomas, and others. The PGA Tour itself has invested in TGL, and the league intends to schedule its events in a way that complements players’ existing commitments on the PGA Tour. This development in professional golf comes amid ongoing negotiations between the PGA Tour and the Saudi Arabia-backed rival league LIV Golf, with potential outside investors exploring rival proposals.

can you write me a summary of this article: Torsten Muller-Otvos, the Rolls-Royce CEO who turned an aging brand into a coveted badge of success for pop stars, athletes and young entrepreneurs, is retiring after 14 years. Rolls-Royce announced Thursday that Muller-Otvos, 63, the longest serving CEO of Rolls-Royce in nearly a century, will retire on December 1. He will be replaced by Chris Brownridge, currently chief executive officer of BMW UK. Muller-Otvos brought new shine to the Rolls-Royce brand and became a leader in the luxury world by attracting a new generation of wealthy buyers. With sleek models like the fast-back Wraith, and edgy design schemes like Black Badge, Rolls-Royce’s sales grew more than six-fold during his tenure, from 1,000 cars sold in 2010 to more than 6,000 last year. The average age of a Rolls-Royce buyer fell from 56 to 43. One in five buyers today is a celebrity. “The brand is contemporary today, I would say cool again,” Muller-Otvos told CNBC. “That indicates to me that we got it right, not just me but the entire team. That makes me extremely proud as I look back and see what a fabulous, fabulous journey we had.” Muller-Otvos also launched Rolls-Royce into its next big chapter with last year’s unveiling of the first fully electric Rolls, called Spectre. The two-door, 577-horsepower behemoth can do zero to 60 in 4.4 seconds and is already sold out in the U.S. through 2025, despite its steep price of over $413,000. The big question going forward for Rolls is whether it can maintain its cool factor, and strong sales, if the U.S. economy starts to falter. The U.S. remains its largest market, and while Mutter-Otvos said demand and orders remain strong, the company is always prepared for a correction. “The luxury market is not immune against any any recessionary developments,” he said. “For us, the business is still very strong, but it is on a different level compared to what it used to be right after the pandemic. I would say that has normalized now to levels we are used to, but we are still in a very strong position.” Muller-Otvos is the longest-serving CEO of Rolls-Royce since Claude Johnson, who brought Charles Rolls and Henry Royce together in 1904 and served until 1926. Muller-Otvos said when he joined Rolls-Royce, it was an elite brand that was aging fast. Its signature, the four-door Phantom, was designed for chauffeurs to ferry around members of the graying leisure class smoothly and silently. Muller-Otvos visited private bankers around the world to find out how the wealthy were quickly changing — especially with the rise of tech wealth. “That was quite an eye-opening moment,” he said. “All the private banks told me their clients were getting younger, far more informal and with a lot more women. We said to ourselves, we need something to attract this younger consumer. It needed to be rejuvenated. That’s not something you can do in just two years. That is a long, long story that takes many years to achieve.” In 2013, Rolls-Royce unveiled the Wraith, a racy, two-door coupe with a twin-turbo V12 that was designed for the wealthy to drive, rather than to be driven in. That was followed in 2015 by the Dawn convertible, and in 2019 by the Cullinan SUV, which became a favorite of NBA stars and other big athletes. Rolls-Royce debuted the Black Badge line in 2016, featuring higher performance and an all-black color scheme (including the famous Spirit of Ecstasy hood ornament). Muller-Otvos also ushered in a new era of customization, which lured new customers and bigger profit margins. Dubbed “Bespoke,” the program allows Rolls-Royce buyers to choose their own fabrics, paint colors, materials and interior lighting schemes to make a one-of-a-kind Rolls. The customization program is one reason the average sale price of a Rolls-Royce has doubled since Muller-Otvos took over, to about 500,000 euros. “None of our clients want just a product off the shelf,” he said. “They want it to carry their individual signature and their individual story. We have put a lot of resources into Bespoke and now every car leaving [our factory] is fully bespoke.”ChatGPT

Torsten Muller-Otvos, the CEO who transformed Rolls-Royce into a sought-after symbol of success for celebrities, athletes, and young entrepreneurs, is retiring after 14 years. Rolls-Royce announced his retirement, with his last day on December 1. He will be succeeded by Chris Brownridge, the current CEO of BMW UK.

During Muller-Otvos’s tenure, Rolls-Royce underwent a significant rejuvenation, attracting a new generation of affluent buyers. Under his leadership, the luxury automaker introduced sleek models like the fast-back Wraith and innovative design schemes like Black Badge. Rolls-Royce’s sales surged more than six-fold, from 1,000 cars sold in 2010 to over 6,000 last year. The average age of a Rolls-Royce buyer dropped from 56 to 43, and one in five buyers is now a celebrity.

Muller-Otvos also steered Rolls-Royce into the electric vehicle era with the launch of the fully electric Rolls-Royce Spectre, a powerful and luxurious two-door car that quickly sold out in the U.S. despite its high price tag.

The challenge ahead for Rolls-Royce is maintaining its appeal and robust sales, especially if the U.S. economy encounters difficulties. The U.S. remains its largest market, and while Muller-Otvos noted strong demand and orders, the company is prepared for economic fluctuations.

Muller-Otvos’s tenure as CEO of Rolls-Royce was marked by a strategic shift toward attracting a younger, more diverse customer base. This included the introduction of more dynamic models and a successful customization program called “Bespoke,” which allowed buyers to personalize their vehicles extensively. As a result, the average sale price of a Rolls-Royce doubled during his leadership, reaching approximately 500,000 euros.

For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/05/rolls-royce-ceo-torsten-muller-otvos-retires.html