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Molson Coors’ stock pops premarket after earnings crush estimates and company raises profit guidance

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

Molson Coors Beverage Co.’ stock TAP, +0.74% rose 1.4% premarket Thursday, after the brewer beat estimates for the third quarter by a wide margin and raised profit guidance. The company posted net income of $430.7 million, or $1.98 a share, in the third quarter, almost double the $216.4 million, or 99 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to $1.92, well ahead of the $1.56 FactSet consensus. Sales rose 12% to $3.298 billion from $2.

The company is now expecting its full-year sales to come in at the high end of guidance for a high single-digit increase. It is raising its adjusted profit guidance to growth of 32% to 36% versus prior guidance of a 23% to 26% increase. “The guidance increase is driven by a healthier U.S.

 

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