The Globe and Mail reports in its Thursday, Feb. 24, edition that Molson Coors Beverage has raised its dividend amid higher sales and profits in its latest quarter as the company benefited from the reopening of venues and an increase in premium beverages sales.
A Canadian Press dispatch to The Globe reports that the brewer, which reports its results in U.S. dollars, hiked its quarterly dividend 12 per cent to 38 cents a share (all figures U.S.).
Molson Coors recorded a profit of $80-million or 37 cents a diluted share in its fourth quarter. That compared with a net loss of $1.37-billion or $6.32 a diluted share a year earlier.
Sales in the quarter ended Dec. 31 reached $2.62-billion, up from $2.29-billion in the last three months of 2020. The company reported an underlying profit of $176.2-million or 81 cents a diluted share in its fourth quarter. That compared with $86.6-million or 40 cents a year before.
Analysts on average had expected a profit of 86 cents a share. Chief executive officer Gavin Hattersley said: "This year, we grew the top-line for the first time in a decade. Our two biggest brands each grew net sales and we now have a larger global above premium portfolio than ever before."
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