Benzinga | Oct 29, 2020 09:16AM EDT

Molson Coors Stock Chugs Along After Big Q3 Beat

Shares of Molson Coors Beverage Co (NYSE:TAP) gained more than 3% after the alcohol maker reported a top-and-bottom line third-quarter beat.

Q3 Beat: Molson said it earned $1.62 per share in the third quarter on revenue of $2.75 billion versus expectations of $1.01 per share and revenue of $2.65 billion.

U.S. GAAP net income improved from a loss of $402.8 million in the same quarter last year to positive $342.8 million. Companywide underlying net income rose from $321.2 million to $350.8 million.

The company ended the quarter with cash and cash equivalents of $731.3 million and total debt of $8.4 billion for a net debt position of $7.6 billion.

Related Link: Molson Coors CEO Talks New Coca-Cola Partnership: 'A Really Strong Portfolio'

Business Update: Molson withdrew its 2020 outlook in late February and the company is still unable to provide any financial guidance amid the COVID-19 pandemic.

Instead, the company offered an update to its October 2019 "revitalization plan" that has three specific objectives, including 1) building on the strength of its core brands, 2) gain share in the above premium segment, and 3) invest in categories outside of beer.

Molson offered the following update one year after the original plan:

* Core Brands: Coors Light and Miller Lite sales have now grown for 24 consecutive quarters.

* Premium Category: Blue Moon craft beer was named the top-selling new beer in the U.S. and has seen the strongest growth rates in off-premise sales among all craft beers in 2020. Also, Vizzy Hard Seltzer has risen to number eight on the Nielsen top-1o growth brands chart in 2020.

* Beyond Beer: Molson's cannabis joint venture Truss is a market share leader in Canada with a market share of more than 50% in key markets like Quebec.

Shares were up 3% to $33.90 at publication time.