Shares of Molson Coors Brewing Co. (TAP) were up 6% on Wednesday, Oct. 21, after the beer manufacturer beat third-quarter earnings estimates.
The Denver-based company said it earned $1.84 a share, up 34.3% from a year ago,beating the Zacks estimate of $1.57. Net income totaled $338.3 million, up 17.9% from a year ago.
Worldwide net sales increased 1.8% to $2.9 billion, Molson Coors said, driven by positive global net pricing in all segments, higher financial volume in Europe, U.S. and Canada and favorable mix in Europe.
U.S. brand volume dropped 3.3% for the quarter, largely due to lower volume in the premium light segment.
Molson Coors President and CEO Mark Hunter said in a statement that "improving our volume performance in the U.S. is a priority and the first step is to improve our share performance through Coors Light and accelerated premiumization of the portfolio."
Sales-to-wholesalers increased 1.1%, which the company said was due to wholesaler inventories growing "to support further ordering system implementations at our breweries."