Molson Coors posted a Q4 profit of $165.5 million on Tuesday (Feb. 13), compared with a loss of $590.5 million during the same period a year ago.

The company spent almost 19% more on marketing and administration in this year’s Q4. Marketing, general and administrative increased 18.7% on a reported basis due to increased marketing investment, higher incentive compensation expense and the unfavorable impact of foreign currency movements.

Full year net sales grew 9.3% on a constant currency basis.

While its core brands were a strong driver, Molson Coors’ above premium innovations like Simply Spiked also contributed to these results. The company grew annual U.S. brand volumes for both Coors Light and Miller Lite close to double digits. Canada brand volumes increased 0.7%, driven by growth in premium offerings.

In the company earnings call, president and CEO Gavin Hattersley singled out the Ontario market where Coors Light and Molson Canadian are the number one and two beers. Both grew its share of the market while Miller Lite also grew “at a rapid pace” nationally in Canada.

Simply Spiked Lemonade doubled its volume in the U.S. in 2023, while also “gaining ground in Canada,” Hattersley says. with 4% of segment share already. Molson Coors is the only major brewer growing share value in the space, Hattersley says.

Consumers coming to its portfolio have stuck with it and are “more loyal than we have historically seen.”

He says says core brands growing in distribution and in retail, U.S. and it “expects to gain significantly more space in the spring.”

Hattersley says store shelves and coolers have finite space and that shopper marketing floor displays represent “high visibility” and more days of visibility at retail.

“We are selling much more beer and it’s selling much faster,” he says.

The CPG is promising to activate with TV, digital, retail and live events.

Coors Light scored a touchdown at the Super Bowl with Hattersley noting that the work got “great reaction from consumers.” Hattersley also promised that a future March campaign is “the best work we’ve seen on Miller Lite in a long time.”