Molson Coors Beverage Company (NYSE:TAP) rose Thursday after the brewer reported first-quarter results that exceeded expectations, buoyed by pricing strength and strategic initiatives despite softer volumes.
Quarterly Details
The company said adjusted earnings were 62 cents per share, beating analysts’ estimates of 36 cents. Revenue totaled $2.351 billion, ahead of the consensus estimate of $2.327 billion.
Net sales increased 2% on a reported basis and 0.1% in constant currency. Net sales per hectoliter rose 5.1% reported and 3.1% on a constant-currency basis, reflecting pricing gains.
“Under Horizon 2030, we said we’d take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach …