Molson Coors third-quarter sales slide 3.1 per cent amid COVID-19 restrictions

Molson beer, left, and Coors Light beer rest together, in Walpole, Mass. on Nov. 28, 2017. Molson Coors Beverage Co. says it expects a significant drop in sales and profit in the second-quarter and possibly beyond as a result of the closure of bars and restaurants due to the pandemic. THE CANADIAN PRESS/AP, Steven Senne

Molson Coors Beverage Co. reported its third-quarter sales slid 3.1 per cent amid ongoing COVID-19 restrictions and packaging material constraints in North America.

The Montreal-based company, which reports in U.S. dollars, recorded net sales of US$2.75 billion, compared with US$2.84 billion for the same quarter last year.

Molson Coors says it earned net income of US$342.8 million or US$1.58 per diluted share for the quarter compared with a net loss of US$402.8 million or US$1.86 per diluted share a year ago when it took a large goodwill impairment charge.

The brewer says its underlying net income for the third quarter was US$350.8 million, or $1.62 cents per diluted share, compared with an underlying profit of US$321.2 million, or $1.48 per share, in the third quarter of 2019.

The company says Coors Light and Miller Lite grew six per cent and 9.5 per cent, respectively, in off-premise sales in the U.S. so far this year.

Molson Coors chief executive Gavin Hattersley says the challenges throughout the year presented obstacles, but the company expects to see growth in the coming months as it builds on the strength of its core brands.

-- this report by The Canadian Press was first published Oct. 29, 2020.

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