Molson Coors has surpassed Wall Street estimates for its first-quarter sales and profits buoyed by higher prices and steady demand, it was reported today.
Demand held strong for the company’s beer brands such as Coors Light and Miller Lite.
The drinks maker also reaffirmed its full-year sales and profit forecast.
Beer makers such as Molson Coors and Constellation Brands have been consistently hiking prices in an effort to protect margins among rising production and material costs.
This practice has continued even as some expenses have started to drop from their peaks.
Consumers have been willing to pay for Molson Coors products as the beers are generally considered ‘recession-proof.’
The company’s net sales for the quarter was about $2.60 billion.
This is ahead of analysts’ average estimate of $2.50 billion, according to London Stock Exchange Group data.
It posted an adjusted profit of 95 cents per share, beating previous expectations of 74 cents.
Brand volumes in the Americas segment increased 5.3% in the first quarter.
This included a 5.8% increase in the United States.
Molson Coors expects 2024 net sales to continue rising in the low single-digit percentage range above the previous year on a constant currency basis.
Read More: Corona Beer Maker Constellation Forecasts Annual Profits Above Estimates
