Chicago-based drink and brewing company Molson Coors has reported its best second-quarter topline growth in over a decade.
The firm– which owns Miller Lite and Carling beer – said that its net sales revenue rose 17.4% to $2.94 billion, while growth at constant currency was up 13.7%, compared to the same period last year.
The major alcohol business claimed that its increased results were primarily due to higher financial volumes, with North America seeing a 1.8% growth and Europe rising to 17.8%.
Molson Coors also announced net earnings of $388.6 million, nearly double compared to 2020. Underlying EBITDA of $697.8 million decreased 1.3% on a constant currency basis due to a rise in marketing investment for its core brands and new products.
Molson Coors CEO, Gavin Hattersley, said: “This quarter represents the best results we have had since implementing our revitalisation plan nearly two years ago, and it delivered the most topline growth of any quarter in over a decade”.
He continued: “We’ve reached the point where the investments, partnerships and product launches that were byproducts of the revitalisation plan are now bearing results, and we plan to put our foot even more firmly on the gas pedal as we drive towards sustainable top-and bottom-line growth for this business.”
The beverage group’s above premium brand volumes reached the highest portion of its US and European portfolio.
Molson Coors CFO, Tracey Joubert, added: “We are proud of our second-quarter operating performance, which underscores our progress in premiumising our product portfolio”.
“Our work under the revitalisation plan coupled with our improved financial flexibility has enabled us to invest in our business, continue to de-lever our balance sheet and to reinstate a dividend, while reaffirming our financial guidance for 2021,” she said.
© FoodBev Media Ltd 2021
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