Coors Light, Miller Lite combined sales now '50% bigger than Bud Light': Molson Coors CEO

There is 'no future' with current Bud Light CEO in charge: Frericks

Strive Asset Management co-founder and President Anson Frericks discusses how Bud Light laid off 350 employees amid the ongoing Dylan Mulvaney marketing controversy on "The Bottom Line."

Molson Coors beers like Coors Light and Miller Lite are devouring Bud Light’s market share amid ongoing fallout from the Dylan Mulvaney marketing campaign.

On Tuesday, Molson Coors reported an 11.8% surge in net sales over the second quarter and a 5% jump in financial volumes, with U.S. increases reflecting a shift in consumer purchasing behavior.

"We are seeing share and market improvement everywhere, and more consumers are reaching for our beers than our competitors’ beers," Molson Coors CEO Gavin Hattersley said in an earnings call Tuesday.

BUD LIGHT LAYS OFF HUNDREDS OF WORKERS AFTER DYLAN MULVANEY CONTROVERSY, LOSING TOP SPOT TO MODELO

Molson Coors CEO Gavin Hattersley (Kamil Krzaczynski / Getty Images / File / Getty Images)

"Coors Light and Miller Lite are now 50% bigger than Bud Light by total industry dollars," Hattersley said. "Last year, Bud Light was bigger than both. Retailers are making space for our brands as demand increases."

HEINEKEN CEO SAYS BRANDS MUST 'BE BALANCED,' 'STAND UP FOR YOUR VALUES'

Molson Coors

Molson Coors increased volume and net sales in all of its largest markets, including the U.S., Canada and U.K., while reaching its best quarterly brand volume trend since 2008.

The company also added 12,000 new tap handles for its growing consumer base, with some distributors reporting as much as 50% in growth throughout the quarter.

CORONA LIGHT, COORS LIGHT GAIN TRACTION OVER BUD LIGHT

"We will invest heavily in our momentum," Hattersley said on the call.

With a new stake in market share, Molson Coors lifted its 2023 financial guidance and expects a high single-digit increase in net sales versus 2022 on a constant currency basis. The previous guidance predicted a low single-digit increase.

Molson Coors beers like Coors Light and Miller Lite are devouring Bud Light’s market share amid ongoing fallout from the Dylan Mulvaney marketing campaign. (Patrick McDermott / Getty Images / File / Getty Images)

Molson Coors shares are up roughly 30% year-to-date.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In stark contrast, shares of Bud Light parent company Anheuser Busch are roughly 10.7% lower than the last quarter and almost 5.3% in the red since Jan. 1.

Ticker	Security	Last	Change	Change %
BUD	ANHEUSER-BUSCH INBEV	55.20	-0.85	-1.53%
TAP	MOLSON COORS BEVERAGE CO.	60.38	-0.42	-0.69%