WASHINGTON (dpa-AFX) - Molson Coors Beverage Co. (TAP, TAP.A) reported
Thursday that its third-quarter net income attributable to the company surged 99
percent to $430.7 million from last year's $216.4 million.

Earnings per share were $1.98, double than last year's $0.99.

Underlying net income was $418.5 million or $1.92 per share, compared to $286.8
million or $1.32 per share a year ago.

Analysts on average expected the company to report earnings of $1.54 per share,
according to figures compiled by Thomson Reuters. Analysts' estimates typically
exclude special items.

Net sales increased 12.4 percent to $3.30 billion from last year's $2.94
billion. Net sales grew 11 percent in constant currency.

The Street was looking for sales of $3.24 billion for the quarter.

Looking ahead, Molson Coors raised its underlying income before income tax
guidance for the full year 2023 on a constant currency basis to 32 percent to 36
percent increase, compared to previous guidance of a 23 percent to 26 percent
increase.

The company reaffirmed its forecast for net sales to grow in high single-digit
on a constant currency basis, but anticipates it at the high end of the range.

The adjustment is due to the U.S. beer category being healthier than projected
as well as stronger than expected brand volume growth, which is expected to
accelerate in the fourth quarter.

For the fourth quarter, the company projects net sales to grow in mid
single-digit on a constant currency basis.

Underlying income (loss) before income taxes is expected at the midpoint, a high
single-digit decrease for the fourth quarter on a constant currency basis.

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