Molson Coors beat Wall Street expectations for second-quarter sales and profit on Tuesday.
Revenue was driven by strong demand for the brewer’s premium Coors Light and Miller Lite beers in the European and Asian regions.
Shares of the beer maker rose 2.7% in premarket trading.
Molson Coors, like Corona beer maker Constellation Brands, is seeing that customers are more than willing to spend on their favourite beers since they have started to cut back spending on wine and spirits to save money.
The Europe, Middle East and Africa regions along with its Asia-Pacific region saw a 2% increase in volumes during the second quarter.
However, America’s brand volumes fell 7.3% mainly due to lower sales of its premium brands, which became more expensive following attempts to pass on rising costs to customers.
The company’s second-quarter net sales fell 0.4% to $3.25 billion, compared to analysts’ expectations of $3.18 billion, according to estimates from the London Stock Exchange Group.
Molson Coors’ underlying profit came in at $1.92 per share, beating estimates of $1.68.
The company still expects full-year 2024 net sales to rise in the low single-digit percentage range and underlying profit to grow in the mid-single-digit percentage range.
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