Molson Coors Beverage Co. reported a 14.2% increase in net sales in the fourth quarter, despite lingering COVID-19 challenges, according to our partners at the Milwaukee Business Journal.
Ongoing challenges, such as an inflationary economy and returning restrictions due to the Omicron variant surge, are not stopping the company's emerging growth division. The Milwaukee Business Journal reports the Chicago-based company is on track to reach its target of $1 billion in annual revenue by 2023.
According to the Milwaukee Business Journal, net sales for the quarter were $2.62 billion, compared with $2.3 billion in 2020. The company also reported underlying net income of $176.2 million, or 81 cents per share, compared with a net income of $86.6 million, or 40 cents per share, in 2020.
The Milwaukee Business Journal also reports that for fiscal year 2021, net sales increased 6.5% to $10.3 billion, compared with $9.65 billion in fiscal 2020. Molson Coors underlying net income was $902.1 million, or $4.15 per share, compared with a net income of $851.7 million, or $3.92 per share, in fiscal 2020.
