The Globe and Mail reports in its Wednesday, May 4, edition that Molson Coors Beverage says its profits soared in the first quarter for its largest quarterly sales growth in more than a decade.
A Canadian Press dispatch to The Globe reports that the Colorado- and Montreal-based company says it earned $151.5-million or 70 cents per diluted share (all figures U.S.). That was up from $84.1-million or 39 cents per share a year earlier.
Underlying net income excluding one-time items was $63.8-million or 29 cents per share. That compared with $1.6-million or one cent per share in the first quarter of fiscal 2021.
Revenues for the three months ended March 31 were $2.2-billion, up nearly 17 per cent from $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 because of 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 $2.1-billion in revenues, according to financial-data firm Refinitiv.
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