MONTREAL — Molson Coors Beverage Co. beat expectations as its net income nearly doubled in its latest quarter on its best revenue growth in more than a decade.
The Colorado and Montreal-based company says it earned US$388.6 million or $1.79 per diluted share in the second quarter, up from US$195 million or 90 cents per share a year earlier.
Underlying earnings for the three months ended June 30 were US$348.8 million or $1.58 per share, compared with US$337.3 million or $1.55 per share in the second quarter of 2020.
Molson Coors, which reports in U.S. dollars, says revenues increased 17 per cent to US$2.94 billion from US$2.5 billion in the prior year’s quarter on higher volumes.
The company was expected to post US$1.34 per share in underlying earnings on US$2.8 billion of revenues, according to financial data firm Refinitiv.
The company says it is quadrupling its production in Canada of hard seltzer, a popular alcoholic beverage category.
“Above premium brand volumes reached a record-high portion of our U.S. portfolio compared to any prior quarter since the creation of the MillerCoors joint venture in 2008 and a record-high portion of our European portfolio,” stated CEO Gavin Hattersley.
“This quarter represents the best results we have had since implementing our revitalization plan nearly two years ago, and it delivered the most top-line growth of any quarter in over a decade,” adds chief financial officer Tracey Joubert.
“We’ve reached the point where the investments, partnerships and product launches that were byproducts of the revitalization plan are now bearing results, and we plan to put our foot even more firmly on the gas pedal as we drive towards sustainable top- and bottom-line growth for this business.”
This report by The Canadian Press was first published July 29, 2021.