Shares of Molson Coors Beverage Co.
TAP,
-0.36%
rallied 2.0% in premarket trading Thursday, after the beer brewer reported a surprise first-quarter profit as revenue matched expectations, with net pricing increases helping offset volume declines. The company swung to net income of $84.1 million, or 39 cents a share, from a loss of $117.0 million, or 54 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to a penny, beating the FactSet consensus for a per-share loss of 10 cents. Revenue declined 9.7% to $1.90 billion, matching the FactSet consensus. Revenue declines were negatively affected by lower brand volume and shipment timing as a result of a “cybersecurity incident,” a brewery shutdown in Texas due to adverse weather. “We saw tangible progress on our path to growing our above premium portfolio,” said Chief Executive Gavin Hattersley. “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.” The stock has run up 14.8% year to date through Wednesday, while the S&P 500
SPX,
-0.08%
has gained 11.4%.
