Molson Coors beverage company has revised its guidance for the current fiscal year upwards, having seen notable growth in volumes and net sales in the second quarter.
The brewing company now expects underlying pre-tax profit to grow 23% to 26% year-on-year, compared to earlier expectations for growth of around 5% or less.
Molson Coors reported second quarter net income of US$342.4 million, or US$1.57 per share, for its most recent quarter, up from US$47.3 million, or US$22 cents a year earlier. share, for the same period last year.
Adjusted earnings per share were US$1.78, after being US$1.19 a year ago. Analysts on average had expected adjusted earnings of US$1.63 per share, according to financial data firm Refinitiv.
Underlying net profit for the quarter ended June 30 was US387.2 million, compared to US260.1 million for the same period last year, while net sales were 3 US$.3 billion, compared to US$2.9 billion last year.
Volumes and net sales increased in the company’s three largest markets, the United States, Canada and the United Kingdom, Molson Coors said. In the United States, the company recorded its best volume growth since 2008.
