Molson Coors Beverage Co. TAP is up 0.9% in premarket trades after the beer maker said its adjusted profit grew by 82.3% on increased pricing and a “favorable sales mix.” Molson Coors reported first-quarter net income of $72.5 million, or 33 cents a share, down from $151.5 million, or 70 cents a share, in the year-ago quarter. Adjusted profit rose 82.3% to $116.3 million, or 54 cents a share, well ahead of the Wall Street analyst estimate of 26 cents a share, according to FactSet data. Revenue increased by 5.9% to $2.35 billion, ahead of the analyst view of $2.23 billion. Looking ahead, Molson Coors said it continues to expect 2023 sales to grow in the low single digits over 2022, but it issued a word of caution. “Inherent uncertainties still exist with beer industry softness and the impacts of continued global inflationary cost pressures,” the company said.
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