Molson Coors Brewing Co. reported first-quarter net income of $151.3 million on Thursday, with earnings per share of 80 cents on a reported basis. The Colorado-based beer maker's adjusted earnings came to 62 cents per share, surpassing analyst expectations in the process.
The company's performance exceeded Wall Street projections by a significant margin. Seven analysts surveyed by Zacks Investment Research had anticipated adjusted earnings of 36 cents per share, making Molson Coors' results substantially stronger than the consensus forecast.
Revenue for the quarter reached $2.72 billion on a reported basis. Adjusted revenue totaled $2.35 billion, also outpacing analyst estimates. Five analysts tracked by Zacks had projected adjusted revenue of $2.33 billion for the period.
