Molson Coors Beverage Co. (TAP) has reported that its second-quarter net income, or profit, rose 624% from a year earlier to $342.4 million U.S. due to a spike in beer sales.
The brewer, which is co-headquartered in Montreal and Chicago, said its net income in Q2 equated to $1.57 U.S. a share, up more than 600% from $0.22 U.S. a year earlier.
The dramatic profit increase was driven by a spike in sales, which totaled $3.3 billion U.S. in Q2, up 14% from $2.9 billion U.S. in the second quarter of 2022.
The company said sales volumes grew in its three largest markets: the U.S., Canada, and the United Kingdom, including its best sales growth in America since 2008.
Looking ahead, Molson Coors raised its forward guidance, saying it now expects an increase in its net income for this year of 23% to 26%, up from a previous forecast of growth in the low single digits.
Molson Coors makes popular beer brands that include Miller Lite, Molson Canadian, and Blue Moon.
The company’s stock had risen 25% over the last 12 months to trade at $66.52 U.S. per share.
