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Molson Coors Beverage Co. reported another quarter of double-digit top- and bottom-line growth in the third quarter.
The company increased its net revenue 12.4%, with its three largest markets of the U.S., United Kingdom and Canada all seeing revenue increasing.
Chicago-based Molson Coors (NYSE: TAP) has a major brewery and houses administrative support in Milwaukee. Milwaukee is also the home of one of the company's core beer brands of Miller Lite.
Net sales for the third quarter were $3.3 billion, compared with $2.94 billion for the third quarter of fiscal 2022. Molson Coors reported underlying net income of $418.5 million, or $1.92 per share, compared with net income of $286.8 million, or $1.32 per share, in the third quarter of fiscal 2022.
"Our third quarter results represent another quarter of incredible growth across our global business, and we are on track to deliver a second straight year of top and bottom-line growth," Molson Coors CEO Gavin Hattersley said in the earnings release. "The improvement in our business is not limited to one market, a couple brands or one segment of the category, and the improvement in our business started before April 1."
As competitor Anheuser-Busch continues to deal with the challenges of declined dollar share for core brand Bud Light, Molson Coors has increased its shelf presence for its two core U.S. brands of Miller Lite and Coors Light.
The company reported that it was the No. 1 volume-share gainer in the U.S. beer industry.
The strength in the first three quarters of fiscal 2023 have led to Molson Coors adjusting its full-year guidance. The company narrowed its previous expectation to a high single-digit year-over-year increase in net sales and raised its forecast for underlying income before income taxes to a 32% to 36% increase. That's up from previous guidance of a 23% to 26% increase.
"We believe these gains are sustainable, and the strength of our brands, coupled with the work we are doing, gives us confidence we can maintain the gains we have achieved and grow off of them," Hattersley said in the release.
Molson Coors expects mid single-digit increases in net sales for the fourth quarter.
The company reported a higher-than-expected 2023 guidance because of some recovery in the U.S. beer industry and stronger brand volume performance.