Molson Coors (NYSE: TAP) stock surged over 6% in midday trading after reporting Q1 2021 financial results. The company beat top and bottom analyst estimates, which it attributed in part to sales of hard seltzer brands.
Molson Coors produces Vizzy and Coors Seltzer, and also recently began distributing Topo Chico hard seltzer in the US, under an agreement with The Coca-Cola Company (NYSE: KO).
Reported revenue of $1.9 billion, while a year-over-year decline for the quarter, was $30 million higher than consensus estimates for the company. Sales for Q1 a year ago were approximately 9.5% higher, but results continued to be weighed by the slow start to on premise sales.
Molson Coors core brands stand a lot to gain when restaurants, bars, and event venues resume full capacity. It was announced yesterday that Major League Baseball stadiums will go to 100% capacity in the coming weeks.
Company earnings beat Zacks estimates by approximately $0.13 per share, posting earnings of $0.01 compared to estimates of -$0.12.
“Net sales revenue per hectoliter in our largest market, the U.S., was up 4.1%, as we took substantial steps toward our hard seltzer ambition, driven by the launch of Topo Chico Hard Seltzer. Vizzy and Coors Seltzer are top-five hard seltzers with some of Canada’s leading retailers, and we have launched the Three Fold hard seltzer brand in the U.K. and are launching the Wai brand in Central and Eastern Europe in the coming weeks,” said CEO Gavin Hattersley in a statement.
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