(Montreal) Brewer Molson Coors posted higher earnings and revenues for its third quarter on Thursday, thanks to higher product prices, favorable product balance, and reopening of bars and venues shows where his drinks are sold.
The Colorado and Montreal-based company reported net income of US $ 453 million, or US $ 2.08 per share, for the quarter ended September 30, up 32.1% from that of 342, US $ 8 million, or US $ 1.58 per share, from the same period last year.
Underlying earnings for the most recent quarter were US $ 380.5 million, or US $ 1.75 per share, compared to US $ 350.8 million, or US $ 1.62 per share, of the third quarter of 2020.
Molson Coors’ quarterly revenues rose 2.5% to US $ 2.82 billion from US $ 2.75 billion a year earlier.
Analysts had expected underlying earnings of US $ 1.53 per share, according to forecasts collected by financial data firm Refinitiv.
According to Molson Coors President and CEO Gavin Hattersley, the company managed to grow revenues despite struggling supply chains and significant inflation in the third quarter.
“We have more work ahead of us, but our production and inventory levels are improving and we will continue to invest in our growth,” Hattersley said in a statement.
The brewer’s largest brand, Coors Light, increased its share of the U.S. beer market during the quarter, while the company’s more specialty beverage segment grew in the U.S. as well, to a second quarter in a row.