Molson Coors reports Q3 profit down from year ago, net sales up

MONTREAL — Molson Coors Beverage Co. reported its third-quarter profit fell compared with a year ago despite higher sales as it faced increased costs.

The brewer, which keeps its books in U.S. dollars, says it earned a net income of US$216.4 million or 99 cents per share for the quarter ended Sept. 30.

The result compared with a profit of US$453.0 million or US$2.08 per diluted share in the same quarter last year.

Net sales for the quarter totalled US$2.94 billion, up from US$2.82 billion in the third quarter of 2021.

Molson Coors says its underlying net income amounted to US$1.32 per diluted share for its most recent quarter, up from US$1.75 a year ago.

Analysts on average had expected a profit of US$1.36 per share and US$2.89 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 1, 2022.

Companies in this story: (TSX:TPX.A, TSX:TPX.B)

The Canadian Press