Venue reopenings, higher prices boost Molson Coors' Q3 profit
BNN Bloomberg
Molson Coors Beverage Co. reported higher profits and revenues in its latest quarter as stronger pricing, a favourable brand mix and the ongoing reopening of venues boosted sales.
MONTREAL - Molson Coors Beverage Co. reported higher profits and revenues in its latest quarter as stronger pricing, a favourable brand mix and the ongoing reopening of venues boosted sales.
The Colorado and Montreal-based company says it earned a net income of US$453 million or $2.08 per diluted share in its third quarter, up 32.1 per cent from US$342.8 million or $1.58 a diluted share a year earlier.
Underlying earnings for the three months ended Sept. 30 were US$380.5 million or $1.75 per share, compared with US$350.8 million or $1.62 per share in the third quarter of 2020.
Molson Coors, which reports in U.S. dollars, says revenues increased 2.5 per cent to US$2.82 billion from US$2.75 billion in the prior year's quarter.
Analysts on average had expected a profit of US$1.53 per share, according to financial data firm Refinitiv.
Gavin Hattersley, president and CEO of Molson Coors, says the company managed to grow its revenues despite global supply chain challenges and significant inflation in the third quarter.
