Molson Coors Beverage Company has posted a decrease in third-quarter earnings despite higher sales, as it faces increased costs.

The owner of Miller Lite and Carling beer recorded net income of $216.4 million for the quarter ended 30 September. This compares with $453 million for the same period last year.

On a reported basis, net sales increased 4%, and 7.9% in constant currency, mainly due to positive net pricing and a favourable sales mix.

Gavin Hattersley, Molson Coors CEO, said: “We are proud of our top-line performance in the quarter. Our net sales revenue grew for the sixth consecutive quarter, and through the third quarter of this year, our global net sales revenue outpaced 2019 levels in constant currency. What’s more, our ability to generate sustained top-line growth translated into strong industry share performance across every one of our major markets globally.”

Hattersley added: “Between the strength of our portfolio and the pillars of our ‘Revitalization Plan’ at work, we have made significant strides in turning around our business and we believe we are well positioned for the road ahead”.