(Montreal) The brewer Molson Coors posted a first quarter profit on Tuesday thanks to the strongest quarterly growth in sales in more than a decade.
Posted at 1:20 p.m.
The Montreal and Colorado-based company said its profit reached $151.5 million, or 70 cents per share, for the quarter ended March 31, up from $84.1 million, or 39 US cents per share, from the same period a year earlier.
Underlying net profit, which excludes one-time items, was US63.8 million, or 29 cents per share, which compared to underlying profit of US$1.6 million, or 1 cent US per share, in the same quarter a year earlier.
First-quarter revenue was $2.2 billion, up nearly 17% from $1.9 billion in the first quarter of last year, which the company attributed to strong growth outside of North America and a reduction in restrictions on consumption locations in Europe.
Net sales for the Americas increased 8.5% due to higher net selling prices and product mix, although brand volumes declined 4.5% in Canada and 4. 3% in the United States. Net sales in other global markets increased 84.2% while brand-related volumes were up nearly 20%.
Analysts on average had expected Molson Coors to post revenue of $2.1 billion, according to forecasts compiled by financial data firm Refinitiv.