Molson Coors, MillerCoors 1Q Profit Rises

Investors were buoyed by the earnings beat. Shares of Molson Coors rose $3.67, or 9.5 percent, to close at $42.17 on heavy volume Tuesday.

Deutsche Bank-North America analyst Marc Greenberg wrote to clients that the better than expected earnings should be received well, "given concerns regarding Canada, currency and chronic U.K. weakness."

The company said volumes dropped 13.8 percent in Britain and were flat in Canada as cash-strapped consumers pulled back on their spending. Worldwide, the volume of beer sold fell 2.7 percent. Coors Light posted a 4 percent volume increase from the same year as the brand continued to make inroads around the world.

In Britain, Molson Coors said its volume loss outpaced an industrywide decline of 8 percent, as the company takes what it called a "firm stand" on pricing there. It is also resisting promotions in Canada, it said, as it seeks to protect the images of its brands and the strength of its business.

Swinburn said he remained "cautious" about the rest of the year because of the strong dollar, volatile commodity price inflation and the possibility that consumer demand for its beer could drop.