MONTREAL — Molson Coors Beverage Co. says its profits soared in the first quarter for its largest quarterly sales growth in more than a decade.
The Colorado and Montreal-based company, which reports in U.S. dollars, says it earned US$151.5 million or 70 cents per diluted share, up from US$84.1 million or 39 cents per share a year earlier.
Underlying net income excluding one-time items was US$63.8 million or 29 cents per share, compared with US$1.6 million or one cent per share in the first quarter of fiscal 2021.
Revenues for the three months ended March 31 were US$2.2 billion, up nearly 17 per cent from US$1.9 billion, primarily as a result of strong growth outside of North America amid fewer on-premise restrictions in Europe.
Net sales in the Americas increased 8.5 per cent due to higher net pricing and sales mix even as brand volumes declined 4.5 per cent in Canada and 4.3 per cent in the U.S. Net sales in other global markets were up 84.2 per cent as brand volumes were up nearly 20 per cent.
Molson Coors was expected to post US$2.1 billion in revenues, according to financial data firm Refinitiv.
This report by The Canadian Press was first published May 3, 2022.
Companies in this story: (TSX:TPX.B)
The Canadian Press