Molson Coors profit soars on high sales growth

Molson Coors Beverage Co. says its profit soared in the first quarter for its largest quarterly sales growth in more than a decade. The Colorado and Montreal-based company, which reports in U.S. dollars, says it earned $151.5 million, or 70 cents per diluted share, up from $84.1 million, or 39 cents per share, a year earlier. Underlying net income excluding one-time items was $63.8 million, or 29 cents per share, compared with $1.6 million, or one cent per share, in the first quarter of fiscal 2021. Revenue for the three months ended March 31 were $2.2 billion, up nearly 17 per cent from $1.9 billion, primarily as a result of strong growth outside of North America amid fewer on-premise restrictions in Europe.