Molson Coors Beverage Company posted its best quarterly top-line growth in more than a decade, fuelled by the return of on-premise sales around the globe and a continued shift to higher-priced, above-premium beverages.

The company said second-quarter net sales revenue rose 17.4% to $2.94 billion, compared with the year-ago quarter. 

Net income jumped 99.3% to $388.6 million, or $1.79 per diluted share, up from $195 million, or 90 cents per share, in the second quarter of 2020. 

The company beat Wall Street expectations for the top and the bottom line.

“We’ve had our share of challenges over the last several years. But that is changing, and today the signs all say the same thing: Molson Coors’ future is bright, and the revitalisation plan is succeeding,” said Molson Coors CEO Gavin Hattersley.

The corporate restructuring and revitalisation plan Hattersley and team implemented in late 2019 is beginning to bear fruit, he said. 

“We’ve reached the point where the investments, partnerships and product launches … are now bearing results, and we plan to put our foot even more firmly on the gas pedal as we drive towards sustainable top- and bottom-line growth for this business.”

During the second quarter, the company also paid down debt and reinstated a quarterly dividend, starting this quarter at 34 cents per share.

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