MONTREAL — Molson Coors Beverage Co. has bumped up its outlook for the year as it saw notable volume and net sales growth in the second quarter.
The brewery and beverage company says it now expects to see an increase in its underlying income before taxes of 23 to 26 per cent compared with last year, while it earlier was expecting growth in the low single digits.
The increase came as the company, which reports in U.S. dollars, reported a net income in the second quarter of US$342.4 million, or US$1.57 per diluted share, up from US$47.3 million or 22 cents US, a year earlier.
Adjusted earnings per share came in at US$1.78 per share, compared with U$1.19 per share last year, while analysts had on average expected adjusted earnings of US$1.63 according to financial markets data firm Refinitiv.
Molson Coors says underlying net income for the quarter ending June 30 was US$387.2 million, up from US$260.1 million last year, while net sales for the quarter were US$3.3 billion, up from US$2.9 billion last year,
The company says volume and net sales grew in its three largest markets: the U.S., Canada and the U.K., including its best volume trend growth in the U.S. since 2008.
This report by The Canadian Press was first published August 1, 2023.
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