Molson Coors Profit, Sales Rise on Higher Pricing

Molson Coors Beverage posted higher first-quarter profit of $151.3 million and revenue of $2.35 billion, beating analyst estimates. Molson Coors TAP -0.35%decrease; red down pointing triangle Beverage posted higher profit and sales in the first quarter, boosted by pricing and mix. The beer company on Thursday posted a profit of $151.3 million, or 80 cents a share, in the quarter ended March 31, compared with $121.0 million, or 59 cents a share, a year earlier. Stripping out certain one-time items, adjusted per-share earnings were 62 cents, ahead of the 36 cents anticipated by analysts, according to FactSet. Revenue rose 2% to 2.35 billion. Analysts surveyed by FactSet forecast revenue of $2.33 billion. Sales were driven by favorable pricing and sales mix, the maker of Miller Lite and Coors Light said. Financial volume meanwhile decreased 2.9% due to lower shipments. Molson Coors reaffirmed its full-year outlook. In the current second quarter, it expects financial volumes in the U.S. to be 6% to 9% lower than the year before, trailing anticipated brand volume trends.