Molson Coors Brewing Co. (NYSE:TAP), North America's second-biggest beer company, rose to the highest in 10 days after posting second-quarter earnings and revenue that surpassed analysts’ projections.
Shares were up 6.2 percent at $71.35 at 1:42 p.m. in New York, after touching $71.69, the highest intraday price since July 25.
Net income rose to $290.9 million, or $1.56 per diluted share, in the April-to-June period, from $267.3 million, or $1.45 per share, a year earlier, the Denver, Colorado-based company said in a statement today.
Underlying after-tax income per share grew to $1.57 from $1.47 in the prior year quarter.
Analysts expected earnings of $1.46 per share.
Revenues grew nearly 1 percent to $1.2 billion even though worldwide beer volume fell to 16.6 million hectolitres.
Molson Coors said the results were driven by improved performances in the U.S. and Europe, along with lower interest expenses.
"We continued to build a bigger and stronger brand portfolio that is delivering value-added innovation, continued investment in our core brands, and increased our share in above premium [beer],” Chief Executive Officer Peter Swinburn, who is retiring at the end of the year, said in the statement.
He will be replaced by Mark Hunter, 51, who has headed the European business since January, 2013.
The company’s net debt was $3.15-billion, down $612-million from the prior year.