NEW YORK (TheStreet) -- Shares of Molson Coors Brewing Co. (TAP) are climbing higher by 5.73% to $71.06 on heavy volume in mid-afternoon trading on Wednesday, after the company reported its 2014 second quarter net income grew to $290.7 million, or $1.56 per diluted share, compared to $267.3 million, or $1.44 per diluted share for the year ago quarter.
On a non-GAAP basis Molson Coors posted an after-tax income of $292.7 million, or $1.57 per diluted share, from $271.3 million, or $1.47 per share for the 2013 second quarter.
The company's net sales increased 0.9% to $1.2 billion for the 2014 second quarter, over the same period in 2013.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates MOLSON COORS BREWING CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOLSON COORS BREWING CO (TAP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
You can view the full analysis from the report here: TAP Ratings Report